Former SEC Chairman Jay Clayton believes that the US will witness new crypto legislation under Trump's administration.
Speaking at a securities lawyers gathering in New York, reportedly in line as the prominent man to head Trump's second term, Jay Claton told news reporters talked about his beliefs on crypto. He commented that the US needs to address the executions and administrative challenges surrounding the crypto industry.
Comments from Clayton are somewhat a contrast to the regulatory approach undertaken by President Joe Biden.
The former president has pursued aggressive action in enforcing crypto regulations against crypto companies. The Biden administration took these strict actions without clear-cut rules on crypto. Clayton predicts that the Trump administration will pass crypto legislation providing clearer guidelines for the crypto sector.
Trump promised pro-crypto throughout his campaign and even claimed that he would make Bitcoin a national reserve. Clayton claims that this pro-business Trump stance will encourage more crypto firms to go public. The former SEC Chief further noted that the Biden administration's approach to climate corporate disclosures was "terrible" for business.
Clayton said that recent Supreme Court decisions to curb the executive branch's powers might force regulators to review existing legal frameworks and rules. He suggested a friendly regulatory environment for businesses, especially public companies, which might be turned off by heavy regulations.
Clayton refused to comment on any specific role he might play in a potential Trump administration. However he did say that if he is offered a position in a regulatory capacity, he'd accept it. In the meantime, the crypto industry is bracing for some heavy policy changes. Many are hopeful the new legislation will bring much-needed clarity and stability to the rapidly evolving sector.
The investment optimism can clearly be seen in Wall Street with Bitcoin nearing the level of US$90,000 recently. Bitcoin gained over 25% since Donald Trump's US presidential election win was declared. Bitcoin reached the highest price at US$89,637 in Asia this week, after the November 5, 2024 election results were announced. Read More
Thus, a new US crypto legislation of lax rules is expected to further the crypto boom. Industry analysts are eagerly waiting for Trump’s next crypto move.