Former President Donald Trump’s pro-crypto stance is gaining attention as the 2024 U.S. presidential election approaches. His proposed policies, which include removing SEC Chair Gary Gensler and creating a crypto advisory council, signal a significant shift in his approach to cryptocurrency.
This change in Trump’s stance has the potential to centralize crypto within national policy and could act as a catalyst for unprecedented industry growth. Crypto analyst Crypto Rover has shared their thoughts on these upcoming events.
The idea that a Trump victory could fuel Bitcoin’s growth has created anticipation within the crypto markets. Prediction markets like Kalshi and Polymarket have seen an increase in Trump’s probability of winning, with market analysts like Satoshi Flipper pointing out that this potential win is not yet priced into the market.
Experts argue that Trump’s non-hostile position towards cryptocurrencies has attracted significant support from crypto-focused voters, setting him apart from some of his competitors.
One of the notable policy changes proposed by Trump is the removal of SEC Chair Gary Gensler. While Trump may not have the power to unilaterally dismiss Gensler, he could push for a crypto-friendly SEC chair with Senate approval.
Industry leaders, such as Basel Ismail of Blockcircle, believe that a pro-crypto SEC chair could expedite the approval of Bitcoin and altcoin ETFs. Bloomberg analyst Eric Balchunas suggests that Trump’s appointments to the SEC could bring substantial changes to regulatory processes, potentially accelerating ETF approval.
Some analysts predict that Trump’s policy changes would benefit altcoins, as greater regulatory clarity could help them gain ground. Figures in the industry, like Alex Thorn from Galaxy Digital, note that while Bitcoin has historically benefited from favorable regulation, Trump’s proposals could lead to a resurgence in altcoins, bringing more diversity to the market.