Donald Trump’s inauguration as the 47th U.S. president is expected to usher in a new era for cryptocurrencies, according to Wormhole Foundation general counsel Cathy Yoon.
Trump officially takes office on Jan. 20, and his campaign pledges, coupled with his selection of crypto advocates for key positions in his administration, signal a major opportunity for Bitcoin (BTC) and the broader crypto industry. Yoon made these remarks in comments shared with crypto.news on Jan. 17.
Yoon views Trump’s inauguration as the beginning of a new chapter where the crypto industry may no longer face the negative consequences of regulation-by-enforcement. This has been a central grievance of the sector over the past four years, marked by actions from the U.S. Securities and Exchange Commission and other government agencies.
In her commentary, Yoon highlighted that under Trump’s administration, crypto is unlikely to face the same regulation-by-enforcement approach that has defined the SEC’s actions in recent years. With several crypto-friendly figures set to occupy key positions in the new administration, Yoon is optimistic about a more collaborative and constructive environment for the industry.
“I am hopeful that the Trump administration will usher in a new age where crypto isn’t handicapped by the current regulation-by-enforcement regime of the current and recent SEC commissioners. Rather, the expectation is that conversations will more likely have the opportunity to be open and beneficial, as opposed to the defensive and guarded nature of recent years,” she noted.
According to the Wormhole Foundation general counsel, Trump’s tapping of Paul Atkins to lead the SEC is also a major boost to the industry.
Commenting on the overall crypto sentiment around SEC as Trump takes office, Cathy notes the top priority for the industry is regulatory clarity.
“While new rules are considered, the space may be able to rely on favorable no-action relief or perhaps even a regulatory sandbox to allow projects to develop and establish themselves while free from enforcement action.”
Clear rules will bolster overall adoption of crypto services and products, she concluded.
This bullish take cuts across most of crypto, mainly after Donald Trump embraced crypto during his campaign. Notably, Trump emerged as a “Bitcoin president”, with his major promises to the ecosystem including the vow to end the SEC’s war on crypto. His pro-crypto administration will include Elon Musk, Vivek Ramaswamy and Howard Lutnick.
Musk’s comments on crypto, particularly Bitcoin and Dogecoin have helped catalyse the market. Meanwhile, Trump’s pick for Commerce Secretary Lutnick is the chief executive officer of Cantor Fitzgerald. He’s set to leave the firm, but said at Bitcoin 2024 that he owned BTC.
