- Trump nominates crypto advocate to key role.
- Reports surface of a potential crypto office.
- Bitcoin reaches new highs on the news.
Since the US presidential elections in November, crypto markets have entered a major bullish phase. The election winner, Donald Trump, has promised to make the US a leader in crypto, pushing the markets up.
Most recently, there have been more signals that Trump’s administration will be pro-crypto. Recent appointments and reports on the administration have pushed Bitcoin near $100k.
Trumps Latests Moves Signal Shift in Policy
Recent reports from the Trump team are signaling that the coming administration will have a favorable view on crypto. On Tuesday, Trump announced Howard Lutnick, CEO of Cantor Fitzgerald as his secretary of the Department of Commerce.
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Lutnick is a well-known digital asset advocate. During the campaign, he promised the SEC Chair Gary Gensler “on day one” of his tenure. This is significant because of Gensler’s tough stance on crypto assets, which brought him the ire of some in the crypto industry.
One day later, after the Lutnick pick, reports surfaced of a potential dedicated crypto role in the White House. Moreover, the Trump team is reportedly talking with industry leaders, including Coinbase CEO Brian Armstrong, about the role.
Bitcoin Nears $100k on Regulatory News
This news of the dramatic policy change became apparent, even to Gensler. The current SEC chair announced that he would resign his position as soon as Trump takes office. This has led to further excitement in the crypto industry.
These changes are likely to redefine crypto regulation in the US. Currently, the SEC is the main authority for regulatory enforcement in the crypto sector. Now, the sector will likely gain significantly more favorable treatment.
As more news from the administration surfaces, Bitcoin continues its bull run. Over the past week, Bitcoin rose 11.18%, reaching its current level of $98,049. Due to the pace of its growth, traders are highly anticipating Bitcoin to reach the $100,000 mark.
On the Flipside
- Donald Trump’s Trump Media company was recently reportedly in talks to acquire a crypto company Bakkt .
- The election is boosting cryptos broadly, including XRP . The token has recently jumped to $1.26, with traders hoping for a favorable resolution of its case.
Why This Matters
The latest signals of regulatory shifts in the US are a key driver of the current crypto bull market. Traders need to be aware of these signs to predict where the markets will go in the near future.
Read more about Trump’s crypto policies:
Crypto in Trump’s White House? Whispers Grow of New Pro-Web3 Role
Read more about a new Solana ETF:
Bitwise Joins Race for Solana ETF Approval in US
