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After years of ascendancy following bitcoin’s emergence, the cryptocurrency industry had fallen into a “crypto winter,” plagued by scandals and hostile regulatory oversight. Many potential appointees have close ties to Elon Musk, the world’s richest man who has become a constant presence alongside the president-elect and a vocal crypto advocate.Among Trump’s primary objectives will be the removal of Gary Gensler, the Securities and Exchange Commission chairman who has been a formidable opponent to the sector.
The industry has been advocating for regulatory clarity from Congress, a cause once championed by crypto billionaire Sam Bankman Fried before his fraud-related downfall smeared the sector’s reputation.