Ron Hammond, director of government relations at the Blockchain Association, shared a series of X posts noting that if the past 7 days have felt like a whirlwind, brace yourself. He stated that crypto and the incoming Trump administration are just getting started.
Starting with the new administration, he noted that this week could bring important announcements about how Trump plans to approach cryptocurrencies. He also noted that while Trump may publicly support cryptocurrencies, major decisions are often in the hands of agency heads and administration staff.
What key positions will the pro-crypto candidates hold?
Key positions at the Treasury, SEC, banking regulators, and CFTC have yet to be announced. He shares that many rumored names would be beneficial for cryptocurrency. However, he urges users to be cautious until there is an official announcement from the president-elect and not to jump to conclusions.
He notes that Trump has also promised to create a cryptocurrency role in the White House or an advisory council. Notably, this would be the first time for clear cryptocurrency roles, and he emphasizes that early recruitment could shape these roles. Trump's team has been evaluating potential administrative staff and agency heads for months. They aim to start right away with a GOP majority, and cryptocurrency seems to be one of their priorities.
What will shape the direction of the agencies?
He emphasizes that these roles will play a key role in shaping the direction of the agencies, the White House, and even supporting Congress next year. For cryptocurrency, these discussions have been ongoing for months and will impact many agencies and the White House.
Although addressing all policy and legal issues in cryptocurrency is nearly impossible within a limited timeframe, some issues can be resolved through executive orders or changes in agency leadership. However, he also notes that many issues, such as market structure, require new laws, which will take time.
He notes that many potential options, from agency heads to mid-level staff, bring expertise in the industry or lean towards cryptocurrency. However, it is necessary to observe the developments of the lame duck. He also notes that cryptocurrency legislation is not dead in Congress yet. Cryptocurrency regulation and market structure have seen significant progress from both parties, but many barriers have prevented them from passing.
Is this the most pro-crypto convention ever?
He cites the current administration as the main reason for the barriers. However, he notes that there is still an opportunity for positive bipartisan developments in cryptocurrency from Congress this year. If not, we might see bills by mid-next year, he shares.
Crypto is the clear winner in last week's election, with nearly all candidates winning in both parties. "While the work is reset in January, the good news is that we have the most pro-crypto Congress ever to look forward to next year!" he declared.
