Likely Priorities for the Trump Administration

Priorities and Impacts

1) Crypto and bitcoin — the new administration is made up of bitcoin supporters. The SEC will change dramatically with the removal of Gary Gensler (Dem) and Caroline Crenshaw (Dem), both who were anti-bitcoin and anti-crypto (eg — Caroline fought against the approval of the bitcoin ETFs). Trump is putting Paul Atkins in charge of the SEC who is pro-crypto and was previously on the SEC. Caroline Crenshaw will not be re-appointed so Trump will replace her with someone pro-crypto and Republican. The two current pro-crypto commissioners, Hester Peirce (Rep) and Mark Uyeda (Rep) have already drafted a Day One proposal which includes rescinding SAB 121 (which will allow bank custody of bitcoin) and various other activities that bring transparency to digital asset regulations.

The Biden attacks on crypto companies (eg Wells Notices, lawsuits from the SEC, etc) will flip 180 degrees to Trump’s administration strong support of crypto and innovation. Recently it has been made public that the Biden administration was unbanking tech execs who were not in-line with the anti-crypto attitude — main street media isn’t covering this but many tech execs are now acknowledging that they were unbanked. Hence the reason that many tech execs flipped Republican during this election. (read Marc Andreessen’s posts).