Bitcoin gains 2.30% today to reach $91,900. Over the weekend, positive sentiment in the cryptocurrency market continued, supported by new appointments to Donald Trump’s political cabinet. The official handover will take place in January 2025, but we already know that many members of the new administration have pro-cryptocurrency views.
During the election campaign, blockchain companies clearly supported the Republican Party. The total amount spent on election activities may have exceeded $130 million. After the solid victory of Donald Trump and the Republican Party, today we are seeing the effects of these efforts. Trump is considered a pro-cryptocurrency president.
A key goal of the cryptocurrency industry is to appoint a crypto-friendly SEC chairman to replace Gary Gensler and push for regulatory frameworks to integrate cryptocurrencies into the U.S. financial system. With 274 pro-cryptocurrency candidates elected to the House of Representatives and 20 to the Senate, crypto super PACs have effectively increased bipartisan influence in Congress.
Industry officials and groups are actively working with the Trump transition team to shape regulatory policy and personnel selection, advocating for potential SEC chair candidates such as former commissioners Dan Gallagher and Paul Atkins. The main proposals are as follows
- Appoint a crypto-friendly SEC chairman to replace Gary Gensler.
- Propose the transfer of federal oversight of digital asset regulations from the SEC to the CFTC.
- support the creation of a national cryptocurrency reserve
- support clearer and more favorable regulatory frameworks for the cryptocurrency sector.
- the potential appointment of a head of cryptocurrencies policy to the White House
- increased political and financial engagement from pro-cryptocurrency PACs and figures to influence legislation and regulations.
Bitcoin gains 2.30% today to reach $91,900. Over the weekend, we observed a rotation of capital towards larger projects in the altcoin market. Projects such as XRP, Cardano, and Hedera have seen increases of 20-30%.
Source: xStation 5
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