- Armstrong has given an interview to a reliable media source and stated that the Congress will take oath in January 2025 and we can consider it as the most pro-crypto Congress ever.
- The crypto industry is also eagerly waiting for the resignation of the Chairman of the Securities and Exchange Commission as was promised by Donald Trump to fire him from the post.
- The win is also considered that it will also be helpful for the industry as it will provide some regulatory clarity.
The crypto industry has witnessed a significant surge in the last week following the election result in the United States. As we all know, Donald Trump was re-elected to the post of President, and he is also considered a crypto-friendly leader, on November 12, the chief executive officer of Coinbase, Brian Armstrong called the event a “dawn of a new crypto era”
OpenSecrets, a platform tracking money in politics and its effect on the elections and policy in the United States has reported that hundreds of millions in donations to candidates were used for the advertisement in this election cycle.
The largest cryptocurrency, Bitcoin is trading over 25% after the election day and it has also recorded new milestones since then. The crypto industry is also eagerly waiting for the resignation of the Chairman of the Securities and Exchange Commission as it was promised by Donald Trump to fire him from the post.
The crypto industry attacks the regulatory body
Many crypto officials have so far attacked the Chairman for the inspection done by the commission within the industry. Many crypto advocates have alleged the regulatory body along with the Commodity Futures Trading Commission (CFTC) for imposing federal laws unpredictably and harshly.
The legal term for the post of Chairmanship of Gensler is 2026, which has released a wave of debate in the market about whether the new president can legally dismiss him or not. It is also speculated that Gensler will walk on the path of past chairmen who have stepped down at the time of administration change.
The pro-crypto congress ever
Armstrong has given an interview to a reliable media source and stated that the Congress will take oath in January 2025 and we can consider it as the most pro-crypto Congress ever. It will also be helpful for the industry as it will provide some regulatory clarity.
In May 2024, the House of Representatives has so far approved the Financial Innovation and Technology for the 21st Century Act (FIT 21) by gaining significant support from the bipartisan.
The assembly got objections from Senate Banking Committee Chair Sherrod Brown and others due to which the bill was not taken up. The objection was raised as the concerns mainly revolved around anti-money laundering arrangements.
