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Kristin Smith, CEO of the Blockchain Association, shared her views on the growing interest in Bitcoin and possible regulatory changes from the Trump administration. Smith said there has been a noticeable shift in investor sentiment, saying, “People want to hold more Bitcoin, not less.” He attributed this trend to the growing awareness of Bitcoin as an asset, with both retail investors and institutions exploring its potential as part of their portfolios. Smith noted that while Bitcoin is classified as a commodity and largely immune to Securities and Exchange Commission (SEC) oversight, the lack of a clear regulatory framework for cryptocurrency exchanges has hindered its wider adoption. “Institutions view Bitcoin as unregulated, and that discourages participation,” he said. Establishing a regulated market structure similar to traditional financial assets could attract more investors, Smith said. He also called for regulatory clarity on token classification and custody, saying exchanges and brokers should have a clear path for registration. According to Smith, this will not only promote market stability but also ensure transparency and trust. Smith noted that the current political climate, which includes a pro-crypto Congress and a supportive administration, presents a unique opportunity. “These moments are rare,” Smith said, urging the crypto industry to seize the moment to push for comprehensive legislation and regulatory frameworks. The Trump administration has tapped Paul Atkins, a known crypto advocate, to lead the SEC, a move that is expected to mark a departure from the stricter regulatory approach of Gary Gensler, who served as SEC chairman during the Biden administration. Smith pointed to the global trend of governments and institutions building up Bitcoin reserves, saying he believes the move reflects growing confidence in the asset’s long-term potential. While acknowledging concerns that Bitcoin’s success could challenge the dominance of the U.S. dollar, he argued that stablecoins backed…

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Filed under: News - @ December 26, 2024 7:19 pm