Crypto enters a new regulatory era
On the campaign trail, Donald Trump promised to make the US “the crypto capital of the planet.” So it’s no wonder everyone from everyday investors to the Winklevoss twins are celebrating Trump’s win, as bitcoin flirts with a new all-time high of $77,000.
One reason everyone’s celebrating: the former and future POTUS said he’ll fire SEC chief Gary Gensler as soon as day one. Gensler’s led a wide-scale crackdown on crypto. Under his guidance, the SEC sent a flurry of Wells notices to crypto’s biggest players, including Coinbase, Kraken, and Binance.
The SEC’s investigations led to countersuits, fines, and in some cases, convictions. Coinbase’s top chief legal officer said he expects the SEC under Trump to “take a fresh look” at its crypto caseload.
Meanwhile pro-crypto super PAC Fairshake and related orgs poured hundreds of millions into congressional races. An estimated 253 pro-crypto politicians were elected to the House and 16 to the Senate. Coinbase called it “the most pro-crypto Congress in history,” as the industry looks to change how it’s regulated from the inside.
Because if you can’t beat ’em, join ’em.
America has elected the most pro-crypto Congress in history.
— Coinbase 🛡️ (@coinbase) November 6, 2024
And it’s thanks to you—the community, the voters.
Looking forward to working with lawmakers on both sides of the aisle.
In the meantime, let’s keep building.🛡️
