Odaily Planet Daily News Donald Trump's return to the White House has given Bitcoin and Coinbase investors more reasons to cheer. The new president has promised to boost the development of the U.S. crypto industry by relaxing regulations. Investors will learn whether this celebration translates into higher profits after the close of trading on Thursday.
Trump has promised to make the United States the "global cryptocurrency capital" by introducing a more relaxed regulatory system. Trump has appointed or nominated pro-cryptocurrency regulators at multiple agencies, including the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) and the Commodity Futures Trading Commission (CFTC).
Under the leadership of Acting Chairman Mark Uyeda, the SEC has begun to advance a cryptocurrency working group aimed at developing a plan for the industry's legal operations in the United States, while venture capitalist David Sacks has led similar efforts in the White House.
These changes are crucial to Coinbase because the SEC sued the company in 2023, accusing it of operating an unregistered securities exchange. Coinbase has defended the allegations. Under Trump's leadership, the SEC may have a high probability of dropping the case or reaching some kind of agreement that allows Coinbase to continue operating as planned. As of now, Coinbase has not responded to a request for comment. (Barrons)