Here’s What Users Expect as Donald Trump Begins Tenure as Crypto President: Bybit
It’s been barely a few weeks since the pro-crypto candidate Donald Trump won the United States presidential elections, and the digital asset market still feels the impact of that victory. As the Trump administration prepares to take complete charge of affairs at the White House by January, crypto users anticipate what this could mean for the industry.
According to a quarterly institution report by the digital asset exchange Bybit and the crypto research firm Blocks Scholes, market participants are expecting a transformative period in the industry, with a focus on areas like heightened institutional interest, regulatory reforms, and increased value for bitcoin (BTC) and altcoins.
Trump to Provide Regulatory Clarity
Trump was previously a crypto skeptic, but he eventually turned around and centered his 2024 campaign on advocating for BTC. The U.S. president has declared that he would create clear policy and regulatory frameworks for digital assets to ensure the United States takes a leadership position in the crypto space.
Bybit and Blocks Scholes said Trump’s re-emergence as America’s first crypto president could foster an environment more conducive to innovation. Trump wants to make the U.S. the crypto capital of the planet, and his goals align with those of digital asset stakeholders.
The crypto space will likely see significant regulatory changes with a Republican majority in both chambers of the U.S. Congress. The Bybit report revealed that targeted political spending by crypto entities during the election reshaped legislative priorities, especially in key Senate races.
As pro-crypto lawmakers take office, bills like the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), which aimed to provide regulatory certainty for digital assets, could be enacted into law. The bill faced legislative challenges while passing Congress chambers.
Favorable Environment For Altcoins And DeFi
Furthermore, Trump’s win increases the potential for altcoins to gain traction even as BTC continues to dominate the market narrative. The incoming administration may cause investors to show fresh interest in the decentralized finance (DeFi) sector and networks powered by smart contracts.
The Biden administration took an unfavorable stance toward DeFi and even took legal action against some decentralized entities. However, as regulatory clarity emerges, Trump’s presidency could attract increased investment in these platforms.
Meanwhile, BTC has already gained over 47% since Trump won. With the cryptocurrency about 2% away from the $100,000 mark, traders are optimistic of a continued rally in the coming months.
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