Richard Teng, CEO of Binance, anticipates "much clearer regulation" in the U.S. for the crypto industry this year under the new Trump administration. With a renewed focus on "certainty" and "recognition," the crypto sector is optimistic about the administration's supportive stance. Bolstering this optimism, former President Donald Trump suggested during his campaign the idea of establishing a U.S. strategic bitcoin reserve, signaling a potential shift in federal policy towards digital currencies.
As of Tuesday, Bitcoin was trading near $104,000 according to CoinGecko, marking a significant milestone despite experiencing a 3% drop in the last 24 hours amid a broader market slump. Nonetheless, the House of Representatives and the Senate are now more "pro-crypto" compared to previous years, with industry insiders expecting favorable legislative changes.
"The House of Representatives and the Senate now [are] pro-crypto, compared to the past." – Richard Teng
The narrative surrounding cryptocurrency has evolved considerably over the past year. Teng has noted positive sentiments from both political and corporate leaders since arriving in Davos. He expects substantial progress in the United States across several areas, including token issuance, trading, and asset management.
"The narrative [around crypto] has shifted quite drastically" – Richard Teng
Traders are growing increasingly optimistic about the crypto industry's prospects under Trump's leadership. His appointment of respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission (SEC) is viewed as a strategic move. The SEC has previously taken an aggressive stance on crypto enforcement, but with pro-crypto regulators now potentially taking key roles at the SEC and Commodity Futures Trading Commission (CFTC), there is hope for a more balanced approach.
"So, legislation will be passed, you have pro-crypto regulators being appointed to key commissioner roles in the SEC and CFTC" – Richard Teng
Bitcoin's recent achievement of surpassing the $100,000 price mark for the first time last year was a significant milestone that has fueled optimism in the market. Teng believes that positive regulatory movements in the U.S. will propel the crypto market to reach new heights.
"If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry" – Richard Teng
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