After pumping millions into the election race, the crypto sector is looking for huge returns from the new administration
In the recent 2024 elections, the crypto industry saw a massive investment, spending tens of millions of dollars to support pro-crypto candidates and groups, according to reports from reliable sources such as OpenSecrets and Public Citizen. The industry’s contributions amounted to more than $245 million, making it one of the largest industries spending on elections this year. Most of this financial support was directed towards Republican candidates, in order to ensure a more flexible regulatory environment in favor of cryptocurrencies.
After Donald Trump won a second presidential term, Bitcoin prices rose significantly, reaching new record highs, reflecting optimism in the market that the new administration will adopt more pro-crypto policies. The new administration is expected to focus on easing the regulatory restrictions imposed by the Securities and Exchange Commission (SEC) under Gary Gensler, who has been criticized for his strict policies against crypto platforms.
On the other hand, industry leaders are hoping that the oversight of cryptocurrencies will be shifted from the Securities and Exchange Commission to the Commodity Futures Trading Commission (CFTC), which could facilitate the launch of new financial products while reducing regulatory interventions. Another prominent demand is the introduction of new legislation that would promote innovation in this sector and increase legal clarity, especially with the entry of the new Congress, which is considered the most supportive of crypto in history.
Overall, the crypto industry in the United States seems to be heading towards a period of recovery and prosperity supported by new government policies, which could pave the way for wider adoption of digital currencies and blockchain technologies. This shift could put the United States at the forefront of countries in the world in terms of adopting cryptocurrencies and make it a global hub for financial technology.
