In July, at a Bitcoin conference in Nashville, Tennessee, President Trump drew perhaps the loudest applause of the night when he promised to fire Gensler if he was re-elected. “I will appoint an SEC chairman who will build the future, not prevent it,” President Trump said.
Gensler announced last week that he would resign on January 20, the day President Trump was inaugurated. Representatives from the industry in which Mr. Gensler has become so maligned are now helping choose his successor, sources told WIRED.
The SEC reform promise was one of many promises Trump made to the crypto industry during his campaign. At the Nashville conference, he sang a crypto-hymn to solidify the United States as a leading Bitcoin mining power, create a national “Bitcoin stockpile,” and establish a framework for stablecoin businesses. I swore.
In June, President Trump hosted executives from the cryptocurrency mining industry at the Mar-a-Lago resort in Florida. “We had a very long and thorough discussion with him, and he was very interested. He was very engaged and asked great questions,” said Bitcoiner in attendance. said Brian Morgenstern, director of public policy at mining company Riot Platforms and a former senior official in the first Trump administration.
President Trump himself has started dabbling in virtual currencies. Over the summer, his campaign began accepting crypto donations, and his sons launched their own crypto platform, World Liberty Financial, which he helped promote. Last Thursday, the New York Times reported that President Trump’s social media company Truth Social had filed a trademark application for an alleged cryptocurrency payment service called Truthify.
People with ties to the cryptocurrency industry have already been appointed to the Trump administration’s cabinet. His nominee for Commerce Secretary, Howard Lutnick, will lead Cantor Fitzgerald, the financial services firm that manages the assets of Tether, the world’s largest stablecoin operator. Similarly, Vice President-elect J.D. Vance, Health and Human Services Secretary nominee Robert F. Kennedy Jr., and new Department of Government Efficiency co-leader Vivek Ramaswamy have all expressed pro-cryptocurrency views. has been expressed.
“Based on what I have heard in personal conversations, my view is that the incoming administration is taking its pro-Bitcoin and crypto-promoting campaign promises very seriously, and the (appointments to regulatory positions) “We’re going to do a thorough evaluation of our options to optimize the transaction as best we can,” said Christopher Callicott, managing director at Bitcoin-focused VC firm Trammell Venture Partners. .
Since Trump was re-elected earlier this month, the price of Bitcoin has soared to record highs, approaching $100,000 per coin.
“The industry as a whole is going to have a positive outlook on many fronts,” says Morgenstern. “There is no reason to doubt President Trump.”
