With Trump’s Return to the White House Cryptos Await Their Golden Age

Donald Trump’s return to the White House is seen as a blessing by many in the cryptocurrency sector, who hope that the United States will reclaim its position in this global market.

The Republican candidate, previously a vocal critic of this technology, pledged in July to make the U.S. “the world capital of cryptocurrencies.”

Pro-crypto groups raised around $245 million during the presidential campaign, according to the Federal Election Commission (FEC), with most of the funds aimed at targeting Democrats opposed to the development of this technology.

According to The Washington Post, shortly after his election last week, the Republican magnate began seeking pro-crypto candidates for key positions in his future administration.

Some members of Trump’s team have been tasked with studying the world of digital currencies to better understand their regulatory expectations, the newspaper reported.

The prospect of a new Trump presidency has sent Bitcoin, the most popular cryptocurrency, soaring. It gained more than 25% in a week, surpassing the $90,000 mark for the first time on Wednesday.

Trump also plans to dismiss the current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, a known critic of the sector.

In the absence of clear regulations, Gensler, a former banker, has taken a hardline approach toward cryptocurrencies, seeking to regulate them as traditional financial products. Under his leadership, the SEC brought legal action against three of the largest crypto exchange platforms—Binance, Coinbase, and Kraken—as well as several startups.