JAKARTA - After winning the US presidential election in early November, the Donald Trump transition team is reportedly considering a number of pro-crypto candidates to occupy important positions in financial regulatory institutions.
This plan is in line with Trump's campaign promise to make the United States a "world crypto center," where regulations that are more friendly to the crypto asset industry are expected to increase Uncle Sam's country's competitiveness in this sector.
According to a CryptoPotato report, Trump's team has discussed with crypto industry leaders regarding regulatory changes that could have a positive impact on digital assets. Meanwhile, the Washington Post reports that several pro-crypto candidates are being considered to fill positions in the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Deposit Guarantee Corporation (FDIC).
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The candidates include Daniel Gallagher, a former SEC official who now works at Robinhood; Hester Peirce and Mark Uyeda, a Republican SEC commissioner; and Paul Atkins, a former SEC commissioner.
Trump's transition team is also reportedly communicating with crypto companies to form a new presidential council focused on digital currencies. That way, regulators under Trump's administration can make decisions that affect the role of digital currencies in the US formal financial system.
Along with the administrative change, venture capital firm A16z projects a more conducive regulatory environment for the crypto industry. According to a16z, this shift could allow most crypto tokens to become legal and legally recognized financial instruments.
Even so, a number of Democratic lawmakers warned that easing regulations risks increasing potential market fraud and manipulation. They call the collapse of the FTX exchange in 2022 an example to watch out for.
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