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The cryptocurrency market turned green following Donald Trump’s victory, with Bitcoin opening the path towards new all-time highs beyond the $100,000 mark.
Meanwhile, the industry anticipates friendly regulation under Trump’s administration, as pro-crypto candidates took most House and Senate seats.
Amidst the optimism, Cardano founder made headlines over the weekend as he revealed plans to work with the US government in 2025 to enforce clear regulations.
TapTools
@TapTools
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JUST IN: @IOHK_Charles to collaborate with the U.S. government on shaping crypto regulations.
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1:59 AM · Nov 10, 2024
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Charles Hoskinson confirmed plans to collaborate with industry leaders and the Trump administration to “foster and facilitate” crypto policy.
Hoskinson trusts his “personal friendship” with legislators who are on Donald Trump’s incoming government will help him join the cryptocurrency policy team.
While Hoskinson’s revelation propelled ADA’s price to 7-month peaks, outperforming SHIB in weekly gains, Shiba Inu’s lead taunted the disclosure.
Source – Coinmarketcap
SHIB’s Shytoshi Kusama reacts to Hoskinson’s announcement
The lead first commented on the updates with “Seriously?!!!!,” accompanied by a GIF.
He sarcastically added that he understood the “wordings,” and that’s why Hoskinson disclosed the partnership and not Trump’s admin.
Kusama concluded that the government should also confirm any potential collaboration to make the deal legit.
Shytoshi Kusama™
@ShytoshiKusama
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LET ME SAY THIS ONCE AND LOUD AND CLEAR.
IF I EVER EVER EVER ANNOUNCE WORKING WITH ANY WORLD GOVERNMENT IN ANY CAPACITY, THE GOVERNMENT WILL ANNOUNCE AS WELL.
SINCERELY,
SHY
#nohashtag
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However, analysts expect the Trump administration to prioritize crypto and create a favorable environment for digital assets to flourish.
Stand With Crypto data shows 268 pro-crypto candidates won House seats against 122 anti-crypto.
Meanwhile, the Senate has 19 pro-crypto representatives, compared to 12 who oppose digital assets.
Experts believe this dynamic shift would lead to more conducive regulations for digital assets.
Trump policies likely to keep crypto afloat
- Building a strategic BTC reserve
Speculation about adding BTC to the United States treasury began circulating shortly after Trump’s victory.
Senator Cynthia Lummis, his close assistant, legitimized the rumors after confirming that the government will build a strategic Bitcoin reserve.
Senator Cynthia Lummis
@SenLummis
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WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸
8:05 PM · Nov 6, 202428.2K
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Such a move would mean the government recognizing Bitcoin as a store of wealth, akin to gold.
The Trump-Vance admin might direct the Treasury to allot some funds for purchasing Bitcoin, similar to Joe Biden’s Strategic Petroleum Reserve.
That could see other countries adopting similar moves, translating to retail and institutional investors flooding the market.
- Firing Gary Gensler
The SEC Chair Gary Gensler has hurt the cryptocurrency market with stiff regulations – an approach that has attracted criticism from industry leaders over the years.
Meanwhile, Trump confirmed plans to replace Gensler with a pro-crypto figure, and the current trends appear to testify to that.
Mike Investing
@MrMikeInvesting
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🚨BREAKING NEWS🚨
THE AMERICAN SECURITIES ASSOCIATION (ASA) JUST OFFICIALLY CALLED FOR THE RESIGNATION OF SEC CHAIR GARY GENSLER
GENSLER WAS A MAJOR CRITIC OF CRYPTO AND PROTECTED NAKED SHORTING OF STOCKS LIKE $DJT $OSTK $MMTLP $GME $AMC & MORE
ACTION IS BEING FINALLY TAKEN…
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Clear regulations will ensure a more favorable environment for crypto investors and businesses, encouraging increased capital inflows into the cryptocurrency sector.
- Crypto mining policies
Trump revealed plans to make the United States a hub for cryptocurrency mining.
That could translate to more satisfactory policies for miners, friendly energy costs, and tax incentives.
A favorable environment for cryptocurrency miners would likely reduce the need to (immediately) sell mined tokens to cover charges.
That would reduce selling momentum, boosting the asset class growth.
The post SHIB’s lead heckles Cardano founder’s plan to work with Trump admin on crypto policy appeared first on Invezz
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