By Hannah Lang
(Reuters) – The crypto industry is pushing for an ambitious raft of policies that would promote the widespread adoption of digital assets and considering who best to promote them, as they anticipate a cryptocurrency-friendly regime under President-elect Donald Trump.
While crypto companies were already anticipating a lighter touch with a new administration, Donald Trump’s decisive victory and a projected Republican sweep of Congress pave the way for a dramatic and lasting crypto policy overhaul. Trump courted crypto cash with promises to be a “crypto president,” and industry executives say he now has a strong mandate to deliver.
The industry is now pushing for measures including potential executive orders on crypto firms’ access to banking services and crypto-friendly picks in a range of roles, in addition to a new Securities and Exchange Commission (SEC) chair, executives said.
“We’ve had an administration that’s been very negative, and so we’re looking forward to unlocking that gridlock,” said Mike Belshe, CEO of institutional crypto platform BitGo, who hosted a campaign fundraiser for Trump in July. “I think the voters of America said very clearly that they want to see that.”
Bitcoin soared above $90,000 on Wednesday amid rising policy optimism, with some analysts predicting the world’s largest token could hit $100,000.
While some industry asks could happen quickly such as pro-crypto nominees at financial regulatory agencies, others however could take longer, such as passing legislation to create a regulatory framework for digital assets.
Trump has also pledged to create a crypto advisory council. While it’s unclear who might serve on the council, crypto executives are brainstorming who to elevate as key leaders in crafting crypto policy in the new administration.
“Everybody in Washington is asking and thinking about … who’s going to lead these agencies,” said Kara Calvert, head of U.S. policy at Coinbase. “It’s important I think for companies like Coinbase, but also for all the smaller startups… to have a point of view.”
Jonathan Jachym, global head of policy at crypto exchange Kraken, said the industry was considering who would be suitable for leadership positions to drive policy.
“Before the election, investors were already betting on options that the price of bitcoin would exceed $80k or even $100k, and the value of these bets has risen,” Grzegorz Drozdz, analyst at Conotoxia wrote, adding the election outcome was mostly driving those bets.
