Posted: November 15, 2024

• The crypto market surged post-Trump win, pushing for pro-crypto policy reforms.
• Bitcoin rallied by 30%, hitting $93,490, with future growth projections strong despite a brief pullback.

Following Donald Trump’s victory as the 47th President of the United States, the cryptocurrency market has surged.

As the market gained momentum, the crypto industry was pushing for bold policy changes to accelerate digital asset adoption. With key players advocating for better regulations to integrate cryptocurrencies into the global financial system.

The industry under Biden and Gensler

The crypto industry has faced significant challenges under President Joe Biden’s administration, especially with heightened scrutiny from the U.S. Securities and Exchange Commission (SEC).

Many executives have voiced concerns about SEC Chair Gary Gensler’s regulatory approach. They warned that his actions could harm the Biden administration’s political standing ahead of the upcoming elections.

During a recent testimony before the House Financial Services Committee, lawmakers openly criticized Gensler. Rep. Pete Sessions accused the SEC of “selective enforcement.” Rep. Patrick McHenry called the agency a “rogue” entity, and Rep. Tom Emmer accused Gensler of “abusing” the SEC’s enforcement powers.

In light of the challenges faced under President Biden and Gensler, the crypto industry is advocating for significant policy changes.

How will Trump bring change?

Industry leaders are calling for measures like executive orders to improve crypto firms’ access to banking services. They also want crypto-friendly individuals appointed to key positions.

One primary demand is selecting a new SEC chair aligned with digital asset companies’ needs. This aims to create a more favorable regulatory environment for growth and innovation.

Remarking on the same, Mike Belshe, CEO of BitGo, said,

“We’ve had an administration that’s been very negative, and so we’re looking forward to unlocking that gridlock. I think the voters of America said very clearly that they want to see that.” 

Trump and others remain hopeful

Well, Trump has also promised to establish a crypto advisory council when he said,

“I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America.’ 

Recently, Standard Chartered had projected that the total cryptocurrency market capitalization could reach $10 trillion by 2026. This scenario could be fueled by a Republican victory introducing pro-crypto policies.

Following Trump’s election win, Bitcoin [BTC] surged by approximately 30% since the 5th of November, leading a broader crypto rally.

Its value peaked at nearly $93,490 on the 13th of November, according to TradingView. By the 15th of November, it slightly retreated to around $88,100, as per CoinMarketCap, at press time.

However, despite this momentary dip, the momentum continues to suggest strong growth ahead.