Trump’s Removal of SEC Chair Gary Gensler Will Give Crypto Industry Hope

Key Points:

• Following Trump’s victory, the crypto industry anticipates a surge in mergers and acquisitions.
• Trump’s pledge to remove SEC Chair Gary Gensler, known for his strict stance on crypto, is expected to bring clarity to U.S. crypto regulations.

With Donald Trump likely to reclaim the White House after an election that saw crypto-backed candidates win big in Congress, many expect a merger and acquisition spree in the digital asset sector, coupled with the booting out of SEC Chair Gary Gensler.

Read more: Trump Team Considers Robinhood Chief Legal Officer For SEC

Industry Expects Possible Policy Shift after the Resignation of SEC Chair Gary Gensler

Trump’s victory and his promises for friendly crypto policies have cheered the industry leaders who expect respite from the regulatory pressures of the last few years.

Industry executives have told Bloomberg of a spate of crypto deals they expect to pull off in the coming year, with Trump’s campaign vow to oust SEC Chair Gary Gensler. Gensler’s regime has been defined by an unrelenting crackdown on digital assets in a way that has inflamed tensions between the SEC and crypto firms that accuse him of singling out the industry.

A potential Trump dismissal of SEC Chair Gary Gensler is seen by many as a way to bring clarity to U.S. crypto regulations, ushering in market expansion. They may be joined by investment bankers and venture capitalists, who argue it may finally break the logjam on acquisitions that stalled in fear of legal repercussions.

Record Election Spending by Crypto Sector Hints at M&A Spree

That’s reflected in the record $135 million the industry spent on this year’s US elections as it tries to reshape the regulatory landscape. The post-election surge in crypto prices also gave executives a renewed sense of confidence to bet that takeovers are one of the best ways to accelerate growth.

The most symbolic shift has been Trump, formerly skeptical of cryptocurrencies, aligning himself with crypto advocates, going so far as to float a national Bitcoin reserve. His pro-crypto stance also plays well to a dedicated core of investors many of whom have felt ostracized by regulatory fallout in the wake of the FTX implosion.