Crypto Legislation could Soon Become Reality in New US Government of Donald Trump, Bitcoin

There is excitement in the crypto market due to Donald Trump’s victory in the presidential election in America. A new government led by Trump will take charge in America early next year. The agenda of this government may also include making laws for crypto. However, there is no possibility of imposing strict regulations for this segment.

Since Trump’s victory, Bitcoin, the largest cryptocurrency by market value, has seen a huge rise. Jay Clayton, former chairman of the Securities and Exchange Commission (SEC) in the US, said that the new government can make laws to control cryptocurrencies. He said that he is in favor of reducing the regulatory burden which will encourage listing of companies. Clayton said, “I believe that there will be legislation for crypto. If you can deal with some of the problems at the executive or administrative level then it becomes easier to legislate for crypto.”

Under the government of current President Joe Biden, regulators had demanded strict enforcement action against crypto-related firms. However, these regulators did not accept the industry’s demand for making regulations. Clayton may also be given important responsibility in the Trump government. The prices of many cryptocurrencies including Bitcoin have increased due to Trump’s victory in America and the arrival of crypto supporting candidates in Congress. This political change has increased the possibility of better regulatory conditions and fewer restrictions for the crypto market. Investors expect long-term growth and stability in this segment.

Earlier, Trump had also called cryptocurrencies a scam. However, after contesting the elections again for the post of President, he started supporting digital assets. He also promised to make America the crypto capital of the world. Trump had also hinted at not making strict regulations for this segment and creating a reserve of Bitcoin. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory. In September this year, Trump also started a cryptocurrency business. Trump, his family and associates launched World Liberty Financial. However, no further information has been received about it.

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