For years, the cryptocurrency sector has been asking the United States for clearer regulatory framework.
With the arrival of a new president, the industry hope he will get his wish, Bloomberg News reported Sunday (January 19).
Close tops Trump administration’s crypto world ‘wish list’the report says, is an executive order requiring regulators to work together on a digital asset policy framework.. Although the classification of crypto assets is still up to Congress, an executive order could lead regulators to produce research that advances the issue.the report adds.
As Bloomberg noted, the president-elect chose a certain number of pro-crypto figures to round out his cabinet, such as former Securities and Exchange Commission (SEC) Commissioner Paul Atkins, to supervise this agency and Scott Bessent as Treasury Secretary.
Trump also plans to have an artificial intelligence and crypto czar, a new position held by David Sachs, a famous regulatory skeptic who is the general partner of venture capital firm Craft Venture, co-founder of PayPal.
“These are the people who will ultimately decide policy” Ari Redbordglobal head of policy and government at blockchain intelligence firm TRM Labs, told Bloomberg.
“They understand that as a regulator you have to walk the fine line between enabling privacy for lawful users within an open financial system, while stopping bad actors and ensuring consumer protection.”
The report added that increased clarity would accompany efforts by the crypto industry to increase its access to banking services.
Under the Biden administration, regulators had warned of risks from digital asset banking companies. The collapse of compatible with cryptocurrencies banks Signature and Silvergate in 2023 have increased concerns about pressure on banks not work with crypto companies.
“A level regulatory playing field between the banking and crypto sectors as well as clear rules for permitted crypto-related products and services will support a more secure environment for consumers and the financial system,” Rebeca Romero Rainey, President of Community Bankers independents of America, said Friday in a statement.
Meanwhile, PYMNTS wrote last week about the emergence of stable coins as a means for banks to offer their customers the crypto and FinTech innovation they desire.
“It’s not about replacing existing systems. It’s about providing an additional option,” Miles Paschini, CEO of FV Bank, told PYMNTS. “Where stablecoins offer superior benefits, customers will naturally gravitate towards them.
