What Does a Trump Victory Mean for SEC and the Crypto Community? 

The election has just been concluded, and the US now has a new presidential hopeful. Meanwhile it is important to note that the outcome of this election will no doubt have effect on the crypto community. What we are yet to know is if it would be positive or negative. Due to stringent policy regulations experienced by crypto organizations during the outgoing government, it is popular sentiment among crypto enthusiasts to see a change in government.

Futhermore, there are speculations that Trump’s victory may cause reshuffling in the SEC hierachy and administration. As Trump would be replacing Gensler, the SEC chairperson, for two key reasons. First, Trump’s involvement with the crypto community has bought him a number of high-profile supporters and his promise of sacking Gensler possibly boltered support for him even further. Secondly, Trump’s crypto project, World Liberty Financial, is in its infancy stage. For World Liberty Financial to thrive, Trump would need SEC to initiate policies that offer flexibility to crypto innovation, a step Gensler has vehemently refused to take. 

The World Liberty Financial had earlier called SEC’s regulatory policies “outdated,” stating that the exchange commission had produced whitelists meant for investors in the United States and another for those who are not from the US. 

It is expected that Trump’s re-election would prompt the release of Ross Ulbricht from prison. In May, Trump mentioned during a speech that Ross’ sentence would be commuted on his first day in office. Ross is currently serving a life term for his involvement with a dark web marketplace that shares ties with Bitcoin’s foundation years. Also, the United States may become a leading mining location for Bitcoin. The Republican Party candidate once mentioned a desire for mining activities to move from China to the US. 

While there is widespread optimism about the short-term future of crypto in the United States following Trump’s victory, there are concerns about the actualization of promises. Trump has a reputation for not delivering on all his promises but the hopes are high that the crypto community will benefit immensely from his re-election.