https://time.com/7173421/what-donald-trump-election-win-means-for-crypto/ https://time.com/7173421/what-donald-trump-election-win-mean... ---- Trump spoke glo

https://time.com/7173421/what-donald-trump-election-win-means-for-crypto/ https://time.com/7173421/what-donald-trump-election-win-mean... ---- Trump spoke glowingly about crypto this year on the campaign trail, despite casting skepticism upon it for years. At the Bitcoin conference in Nashville in July, Trump floated the idea of establishing a federal Bitcoin reserve, and stressed the importance of bringing more Bitcoin mining operations to the U.S. Perhaps most importantly, Trump vowed to oust Gary Gensler, the chair of the Securities and Exchange Commission (SEC), who has brought many lawsuits against crypto projects for allegedly violating securities laws. Gensler is a widely-reviled figure in the crypto industry, with many accusing him of stifling innovation. Gensler, conversely, argued that it was his job to protect consumers from the massive crypto collapses that unfolded in 2022, including Terra Luna and FTX. Gensler’s term isn’t up until 2026, but some analysts expect him to resign once Trump takes office, as previous SEC chairs have done after the President that appointed them lost their elections. A change to SEC leadership could allow many more crypto products to enter mainstream financial markets. For the past few years, the SEC had been hesitant to approve crypto ETFs: investment vehicles that allow people to bet on crypto without actually holding it. But a judge forced Gensler’s hand, bringing Bitcoin ETFs onto the market in January. Now, under a friendlier SEC, ETFs based on smaller cryptocurrencies like Solana and XRP may be next. Many crypto enthusiasts are also excited by Trump’s alliance with Elon Musk, who has long championed cryptocurrencies on social media. On election night, Dogecoin, Musk’s preferred meme coin, spiked 25% to 21 cents.