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Bitcoin financial services and infrastructure company NYDIG acknowledged the increasing political significance of Bitcoin following Donald Trump’s re-election, detailing possible regulatory shifts for the cryptocurrency sector on Monday.
In a recent report, NYDIG Head of Research Greg Cipolaro elaborated on how Trump’s endorsement of Bitcoin, which includes his suggestion for a strategic Bitcoin reserve and expected leadership transitions at crucial regulatory bodies, could enhance the standing of digital assets.
Trump’s Impact on Regulatory Bodies and Bitcoin
The examination assessed potential leadership changes at organizations such as the Securities and Exchange Commission (SEC), the Options Clearing Corporation (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Treasury, which could lead to a relaxation of regulations concerning digital assets.
Last Tuesday’s election represented a significant milestone for the cryptocurrency sector as Republicans regained control of the White House with Donald Trump’s win, flipped the Senate, and are likely to maintain their majority in the House. This consolidation of power by the GOP is a substantial advantage…
— NYDIG (@NYDIG) November 11, 2024
NYDIG’s report underscored Trump’s advocacy for a proposed U.S. Bitcoin reserve, indicating a shift in federal policy regarding digital assets.
The report mentioned that Trump’s initiative involves utilizing forfeited Bitcoins for a strategic reserve, although it recognized possible legal challenges.
“Trump has also entered the NFT space, offering limited edition collections, and is in the process of launching a DeFi project, World Liberty Financial,” stated Cipolaro.
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Bitcoin Reaches New ATH of $84,000
NYDIG observed that legislative initiatives, such as the Financial Innovation and Technology (FIT21) Act and regulations for stablecoins, could gain momentum under the new administration.
While immediate legislative measures are improbable, the report highlighted a trend towards greater regulatory openness.
Furthermore, the analysis indicated that the SEC might seek settlements or even dismiss certain cases against cryptocurrency companies, including Ripple Labs, Coinbase, and Binance.
The Commission could reevaluate Wells notices issued to firms like Uniswap, Consensys, and Crypto.com.
As per CoinMarketCap, Bitcoin is presently trading at $84,045, reflecting a 5.35% rise in the last 24 hours and a 22.9% increase over the past week.
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pic.twitter.com/zXCMrDMFz5
— CoinMarketCap (@CoinMarketCap) November 11, 2024
๋࣭ ⭑⚝“While some investors have allocated funds to Bitcoin, the most prevalent allocation for investors remains zero,” remarked Cipolaro. “There are no justifications now. Not only is the asset accessible through easy-to-use, well-regulated products like ETFs, but it is also becoming a political necessity.”
The post Bitcoin Is Becoming a ‘Political Imperative’ After Trump’s Win: NYDIG appeared first on Cryptonews.
