Trump’s Presidency: A Game Changer for Crypto? Insights from Cathy Yoon!

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According to Cathy Yoon, the general counsel of Wormhole Foundation, it’s anticipated that Donald Trump’s inauguration as the 47th U.S. president may mark the beginning of a fresh epoch for digital currencies.

Trump begins his presidency on January 20th, and his campaign promises, along with his appointment of cryptocurrency supporters to key roles within his administration, indicate a significant potential for growth for Bitcoin (BTC) and the overall cryptocurrency sector. Yoon expressed these sentiments in remarks he shared with crypto.news on January 17th.

As an analyst, I see Trump’s inauguration as opening a fresh page for the crypto industry, potentially freeing it from the harsh impacts of regulation-by-enforcement that it has grappled with over the past four years. This has been a significant source of frustration within the sector, characterized by actions taken by the U.S. Securities and Exchange Commission and other government bodies.

In her analysis, Yoon pointed out that during Trump’s presidency, cryptocurrencies might not experience the same enforcement-based regulation as the SEC has implemented in recent times. Given the presence of pro-crypto individuals who will hold significant roles in the incoming administration, Yoon is hopeful for a more cooperative and productive atmosphere within the industry.

As a crypto investor, I’m optimistic that the Trump administration might pave the way for a fresh era where cryptocurrencies aren’t constrained by the existing regulation-by-enforcement approach taken by the current and previous SEC commissioners. Instead, I anticipate that dialogues will be more open and advantageous, rather than the defensive and cautious interactions we’ve experienced in recent years.

The Wormhole Foundation’s legal advisor believes that Trump appointing Paul Atkins as the head of the SEC will significantly benefit the relevant sector as well.

Discussing the general cryptocurrency atmosphere during Trump’s presidency, Cathy emphasizes that what the sector really needs is a clear understanding of regulations.

In the process of creating new regulations, the area might benefit from leniency through ‘no-enforcement action’ or potentially a ‘regulatory sandbox.’ This would enable projects to grow and solidify without immediate regulatory interference.

Clear rules will bolster overall adoption of crypto services and products, she concluded.

This generally positive outlook towards cryptocurrency is widespread across the crypto world, largely due to Donald Trump’s endorsement during his campaign. Significantly, Trump was referred to as the “Bitcoin president,” with his key pledges to the ecosystem being a commitment to put an end to the Securities and Exchange Commission’s (SEC) hostility towards cryptocurrency. His pro-crypto administration is expected to feature influential figures such as Elon Musk, Vivek Ramaswamy, and Howard Lutnick.

The majority of people in the crypto world are optimistic because Donald Trump showed support for it during his campaign. He was often called the “Bitcoin president” due to his promises to help the crypto industry, including ending conflicts with the Securities and Exchange Commission (SEC). Important figures like Elon Musk, Vivek Ramaswamy, and Howard Lutnick are expected to be part of Trump’s pro-crypto administration.

Elon Musk’s remarks about cryptocurrencies like Bitcoin and Dogecoin have sparked significant growth in the market. In other news, Donald Trump selected Gabriel Lutnick as his choice for Commerce Secretary. Lutnick is the CEO of Cantor Fitzgerald, who has announced he will step down from the company, but at the Bitcoin 2024 conference, he disclosed that he owns some Bitcoin.

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2025-01-18 00:06