FILE PHOTO: One of Bitcoin enthusiast Mike Caldwell's coins in this photo illustration at his office in Sandy, Utah, September 17, 2013. REUTERS/Jim Urquhart/File Photo
"We've had an administration that's been very negative, and so we're looking forward to unlocking that gridlock," said Mike Belshe, CEO of institutional crypto platform BitGo, who hosted a campaign fundraiser for Trump in July."I think the voters of America said very clearly that they want to see that."
Trump has also pledged to create a crypto advisory council. While it's unclear who might serve on the council, crypto executives are brainstorming who to elevate as key leaders in crafting crypto policy in the new administration. "Before the election, investors were already betting on options that the price of bitcoin would exceed $80k or even $100k, and the value of these bets has risen," Grzegorz Drozdz, analyst at Conotoxia wrote, adding the election outcome was mostly driving those bets.
Jachym said there had been"negative pressure" from bank regulators on crypto relationships, which could change if lawmakers created a new crypto framework. Earlier in the campaign, crypto firms had hoped Trump's new SEC chair would create a waiver regime for crypto companies, but firms are now discussing pushing for faster"no-action" letters that the agency could immediately use to allow crypto companies to operate without fear of reprisal, one executive said.