The cryptocurrency industry is already meeting with President-elect Donald Trump’s allies to refashion the regulatory space. After two previous administrations had subjected it to heavy scrutiny, the industry wanted to capitalize on the Republican wave in 2024. It is seeking to get in line with key members of Trump’s transition team to establish the right conditions for innovation and growth.
Who are the important players in the lobbying efforts?
Howard Lutnick, who co-chairs Trump’s transition team and heads Cantor Fitzgerald, is featured in most of the discussion times with crypto executives. Cryptocurrency leaders, according to a report, would convene with Lutnick and other big shots with the help of Coinbase CEO Brian Armstrong. Industry leaders are also pushing for change in the leadership roles at the Securities and Exchange Commission, where rumored names for key positions include Dan Gallagher, Chief Legal Officer at Robinhood, and Chris Giancarlo, a former regulator with strong crypto connections.
How Politics Funding Shaped Pro-Crypto Legislation?
Crypto executives strategically contributed around $135 million to support pro-crypto congressional candidates for the election. This investment helped elect more than 50 lawmakers who are likely to help support industry-friendly policies. With this kind of political friend, the sector is pushing forward legislation that encourages innovation with relaxed stringent regulatory measures.
What does it mean for crypto regulation in the US?
The end result of these lobbying activities can change the course of cryptocurrency regulation in the United States. Success would likely yield fewer restrictions and pave the way for the further development of technology. Critics, on the other hand, foresee risks such as lax regulations that may place consumers in jeopardy or lead to market volatility.
As the new administration takes shape, the proactive approach of the crypto industry clearly states its determination to secure a leading role in shaping the future of the country’s digital assets.
