Ron Hammond, the director of government relations in Blockchain Association has shared a series of X posts noting that if the past 7 days felt like a whirlwind, brace yourself. He claims that crypto and the incoming Trump administration are just getting started.
Starting with the incoming administration, he noted that this week there could be key announcements that will show how Trump plans to approach crypto. He also noted that while Trump may be pro-crypto publicly, major decisions will often rest with agency heads and admin staff.
Key Positions To Be Taken Up By Pro-Crypto Candidates?
Key positions at Treasury, SEC, banking regulators, and CFTC are yet to be announced. He shared that many of the rumored names would be favorable for crypto. However, he asked the users to stay cautious until a formal announcement from the President-elect and to refrain from drawing conclusions.
He noted that Trump has also promised to create a crypto role within the White House or an advisory council. Notably, this would be a first in terms of explicit crypto roles and he emphasized that early hires will likely shape these roles. Trump’s team has been evaluating potential admin staff and agency heads for months. They aim to hit the ground running with a full GOP majority, and crypto seems to be among their priorities.
What Will Shape The Direction Of Agencies?
He underscored that these roles will be key in shaping the direction of agencies, the White House, and even assisting Congress next year. For crypto, these discussions have been ongoing for months and will influence multiple agencies and the White House.
While addressing all policy and legal issues in crypto is nearly impossible in a limited time, however, some can be tackled with executive orders or agency leadership change. But he also noted that many, like market structure, need new legislation, which will take time.
He noted that many potential picks, from agency heads to mid-high staff, bring industry expertise or lean toward crypto. However, lame-duck developments need to be observed. He also noted that crypto legislation isn’t dead in Congress yet. Stablecoin regulation and market structure have seen significant bipartisan progress, but many hurdles have kept them from passing.
Is This The Most Pro-Crypto Congress Ever?
He cited the current administration as the main reason for the hurdles. However, he noted that still, there’s still a chance for positive bipartisan crypto developments from Congress this year. If not, likely mid-next year we’ll see the bills, he shared.
Crypto was the clear winner in last week’s election, with nearly all its candidates winning in both parties. “While work resets in January, the good news is that we have the most pro-crypto Congress ever to look forward to next year!”, he claimed.
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