“Treasury and SEC designations look good for cryptocurrencies,” says NYDIG.
The names of all the officials Trump will appoint have not yet been revealed.
Donald Trump’s inauguration is scheduled for January 20. There are just a few days left and many members of the bitcoin (BTC) and cryptocurrency ecosystem are waiting due to the promises of favorable legislation for the sector.
Greg Cipolaro, head of global research at the investment firm New York Digital Investment Group (NYDIG), spoke on this topic, pointing out that new laws to regulate cryptocurrencies could still be a long way off.
Cipolaro published a report to evaluate the situation this January 10. There he highlights how the issue of the United States elections and the expected inauguration continues to play a fundamental role in performance of the cryptocurrency market
The Trump administration continues to appear after the election; However, we must warn that immediate changes should not be expected. Key officials still need to be appointed, those who have already been appointed must go through the confirmation process and, once confirmed, must assemble their staff.
Greg Cipolaro, NYDIG.
Cipolaro adds that although Trump’s early arrival is renewing hopes For the incoming administration to execute its campaign promises with cryptocurrency-friendly measures, “many can happen quickly, but some may take some time.”
He also cited the law proposals that are already in the process of debate, such as the rules to regulate stablecoins and a proposed law to clarify the roles of securities and commodities regulators in overseeing cryptocurrencies.
These are regulations that, despite having already passed through Congress, “may still take some time to be approved,” especially because they must follow a series of bureaucratic steps and because of the differences between Democrats and Republicans.
Also remember that, so far, not all of Trump’s appointments have been revealed. “We know so far from the agencies that matter: the Treasury, the Securities and Exchange Commission (SEC) and the White House digital assets advisor and we like what we see,” said the executive.
However, it will be at least several months before these nominees have hearings, start working and to form and hire their work teams.
Furthermore, “we still don’t know who could run critical agencies.” Cipolaro means by this that it is not known yet who will be in charge of the Commodity Futures Trading Commission (CFTC), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). “We hope they are also in favor of Bitcoin.”
For the NYDIG representative these designations can become a priority issue for Trump. Although he thinks that issues such as geopolitical conflict, the budget, the debt ceiling, global trade and tariffs, and immigration possibly are more urgent matters for the new government.
In relation to the creation of a bitcoin reserve, Cipolaro mentioned the draft that was released a few weeks ago and that gives an idea of how the plan would be carried out.
And although the Senate could give priority to approving the bill presented last July by Republican Senator Cinthya Lummis, NDYIG believes that it is most likely that the reservation will be made through an executive order.
As CriptoNoticias has reported, this measure seeks to ensure that the plan run express and is launched within a few months of Trump’s inauguration, although this has its disadvantages. Cipolaro shares this idea and considers that an executive order “would be much less permanent and could be revoked by the next president.”
