The crypto industry is closely watching the possible inauguration of the second President Donald Trump, who has promised to put an end to President Joe Biden's so-called crusade against cryptocurrencies.
The U. S. crypto industry is hopeful about the possibility of positive change, but that could mean trouble for foreign crypto companies. According to Bloomberg, foreign exchanges such as #Binance , OKX and Deribit could see their market share shrink, while U. S. exchanges are likely to thrive under the Trump administration.
these foreign platforms have previously gained market share when U. S. exchanges were forced to shut down or refused to launch popular #cryptocurrency services. As President Trump promises to tighten regulation of #cryptocurrencies , U. S. exchanges may expand their services to include leveraged trading services and add cryptocurrency futures and options trading.
analysts and market participants believe that almost all U. S. cryptocurrency companies could benefit from Trump's presidency.
Christian Catalini, founder of MIT's Cryptoeconomics Lab,
all cryptocurrency companies in the U. S. will benefit from the new rules if they are willing to work under them.
Under the Biden administration and Gary Gensler, who headed the U. S. Securities and Exchange Commission (SEC), cryptocurrency companies had limited success with initial public offerings (IPOs). For example, stablecoin company USD Coin (USDC) Circle abandoned plans to go public more than a year ago, but has reapplied for an IPO in January 2024.
Kraken, the second-largest U. S. cryptocurrency exchange, and Northern Data, an artificial intelligence computing provider and cryptocurrency mining company, are also planning IPOs. Under the Trump administration, IPOs of these companies may become easier, especially if Gensler is replaced by someone more friendly to cryptocurrencies.
cryptocurrency exchanges that face banking problems due to heavy regulation may see more banking opportunities as regulations may be relaxed under the Trump administration.
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