Crypto traders are betting that President-elect Donald Trump will usher in a new era of digital asset regulation that will facilitate the industry’s growth, CEOs of companies involved in those markets told CNBC on Tuesday.
“We saw what people call the ‘Trump Pump'” Robin Hood said CEO Vlad Tenev on “Squawk Box”. Crypto markets have rallied strongly since Trump’s election, with bitcoin hitting an all-time high near $90,000.
“There is widespread optimism that the Trump administration, which has said it wants to embrace cryptocurrencies and make America the center of global cryptocurrency innovation, will have a much more focused policy towards the future with regard to this new industry,” said Tenev.
The Biden administration’s Securities and Exchange Commission, led by Chairman Gary Gensler, has taken a combative stance toward crypto, with regulators filing lawsuits against several major crypto companies, including Coinbase.
But Trump appeared to appreciate the crypto industry’s support during his campaign, including speaking at the Bitcoin conference earlier this year.
“I think we finally have a chance to get some regulatory (clarity) in the United States on some of these big open questions that, frankly, under Gary Gensler, we just haven’t gotten clarity in a long time.” , he added. Coinbase said CEO Brian Armstrong on “Squawk Box.”
Coinbase is a trading platform primarily focused on cryptocurrencies. Robinhood is a brokerage that rose to prominence amid the “meme stock” trading in 2021 and offers crypto as part of its trading options.
