Berenstein: Trump Administration to Establish National Bitcoin Reserve, Increase Crypto Regulatory Clarity

BlockBeats News, November 6th, according to CoinDesk, financial services firm Bernstein stated that clarity on cryptocurrency asset regulation would increase after Trump's election. With Trump's victory and the Republican Party gaining control of the Senate, the U.S. Securities and Exchange Commission (SEC) and the Senate Banking Committee will become more crypto-friendly.

In a research report, Bernstein stated: "We expect a new cryptocurrency rulemaking regime. The turning impact has not yet been reflected in prices, and stablecoin and market structure bills are currently expected to progress faster. This is positive for stablecoin issuers like Circle and Paxos, as well as U.S. cryptocurrency exchanges and broker/dealers/market makers. The SEC is engaged in legal battles with major crypto industry participants such as Coinbase, Robinhood, and Binance, as well as decentralized finance (DeFi) and stablecoin companies."

Analysts led by Gautam Chhugani stated: "Looking ahead, we expect greater clarity on the definition of crypto assets and securities, with a progressive framework emerging for SEC-registered crypto asset securities. A re-rating of a wider set of crypto assets is expected, which have been impacted due to uncertainty about their security classification. Asset managers will launch more ETF products based on other cryptocurrencies. Positive actions are expected to be taken based on Trump's pre-election commitment, establishing a national Bitcoin reserve and paying more attention to the growth of the U.S. mining industry."