Update Nov. 11, 10:39 AM in UTC: This article has been updated to update the description of Fintopio app.
Donald Trump’s presidency could bring more favorable cryptocurrency regulations to the world’s largest economy.
The crypto industry rejoiced after Trump won the United States elections on Nov. 6, as the Republican victory raised expectations of more favorable crypto regulations for the next four years until 2028.
The Republican victory may also lead to reforms in the US Securities and Exchange Commission, according to Steve Milton, CEO of the Fintopio CeDeFi wallet app and former global vice president of marketing and communication at Binance.
Milton told Cointelegraph:
“You may see with a Trump presidential campaign a less resistant SEC, which may drive a different regulatory environment in the US and therefore in other banking areas.”
Fintopio’s Steve Milton, Interview with Cointelegraph’s Zoltan Vardai. Source: YouTube
A reformed SEC could potentially replace the current chair, Gary Gensler, with a more pro-crypto candidate, such as Robonhood’s chief legal officer, Dan Gallagher.
A Trump administration could also reduce government oversight on the crypto industry and investors, explained Milton:
“[Trump] has been very vocal about the need to roll back US government intervention in people’s lives. He has been pro-crypto…”
Related: Bitcoin eyes $77K as investor confidence spikes post-US election
Trump’s victory and Republican Senate majority are a “historic achievement” for US crypto regulations
Trump’s victory, along with the Republican Party securing the majority control of the US Senate, marks a “historic achievement” for US crypto regulations, according to Anastasija Plotnikova, CEO and co-founder of Fideum — a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition, and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
Related: High-risk DeFi loans surge after US election as crypto market rallies
More US crypto-based ETFs during the next four years?
Others are hopeful that Trump’s win will lead to more crypto-based exchange-traded products.
Notably, it could lead to the first staked Ether (ETH) exchange-traded fund (ETF), according to Edward Wilson, an analyst at Nansen.
The analyst told Cointelegraph:
“As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration, which will fully leverage the benefits of ETH as an asset. If this occurs, then ETH will become an exciting asset to watch. Put differently, ETH is cool again.”
However, other notable crypto founders, including Charles d’Haussy, CEO of the dYdX Foundation, expect Europe to front-run the US on the first Ether staking ETF — a significant milestone for the global crypto industry.
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