The post Revisiting Trump’s crypto promises after his election win appeared on BitcoinEthereumNews.com.

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. There was a lot of election uncertainty a day ago. Now there isn’t.  Donald Trump — a man who has promised to support the crypto industry — is set to return to the White House in January. Bitcoin hit a new record high as a result. The now-president-elect’s pledges in recent months included firing SEC Chair Gary Gensler, supporting bitcoin mining in America and halting government bitcoin sales. Beyond Trump, more members of Congress are expected to support the space than ever before. There were so far 257 pro-crypto House candidates elected (compared to 115 with an anti-crypto stance), according to nonprofit Stand With Crypto’s rankings. In the Senate, the crypto-friendly winners outpace those viewing the industry negatively, 16 to 12. While Republicans gained control of the Senate, the House was still up for grabs as of midday Wednesday.  “With the likely Republican sweep, the obstacles for fulfilling [Trump’s] promises will come down to three factors: order of importance in the grand scheme of politics, how sound the policy proposed is, and the personnel hired within the White House and relative agencies,” Blockchain Association government relations director Ron Hammond told me.   FalconX’s David Lawant and Kaitlin Gately said in a Wednesday note that stablecoin legislation is “likely the lowest-hanging fruit.” They also highlighted the Financial Innovation and Technology for the 21st Century (FIT21) Act, which still needs to get through the Senate after the House passed it in May with bipartisan support.  CoinShares research head James Butterfill labeled the prospect of the BITCOIN Act — which would establish a US strategic bitcoin reserve — a “key focus.” Though most of the long-term problems facing the crypto industry will need a legislative solution, Trump can take some actions…

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Filed under: News - @ November 6, 2024 9:19 pm