Author: Turner Wright, CoinTelegraph; Compiled by: White Water, Golden Finance

With seven days to go until US President-elect Donald Trump takes office, many in the cryptocurrency industry are paying attention to his future Personnel Selection and Statements.

Since Trump transitioned from calling Bitcoin a “fraud” in 2021 to claiming to embrace the technology during the 2024 presidential campaign, Trump has made many possible impacts on the digital asset industry Regulatory and Enforcement Commitments. While there's no way of knowing whether he intends to prioritize those promises once he takes office — or whether to deliver on them at all — there are already some changes in the regulatory landscape ahead of his scheduled inauguration.

Fire Gary Gensler “on day one”

At the Bitcoin 2024 conference, Trump promised to fire SEC Chairman Gary Gensler on his first day in office on January 20. Many have speculated that while the SEC chairman's term ends in June 2026, Gensler is more likely to announce his resignation before Trump takes office.

On November 22, about two weeks after the U.S. presidential election, Gensler announced that he would resign the day Trump takes office, paving the way for the Senate to confirm another SEC chairman. The president-elect would have the power to appoint the acting head of the regulatory agency until the Senate confirms Gensler's full-time successor.

On December 4, Trump announced his intention to nominate former SEC Commissioner Paul Atkins to serve as Commission Chairman in 2025. Whoever serves as SEC chairman will have the power to change the regulation of digital assets as securities and related enforcement actions - a move that cryptocurrency users harshly criticized Gensler.

Will financial regulators take a different direction starting in 2025?

Beyond a general pledge to change the SEC's stance on "defaming" the cryptocurrency industry and "preventing ordinary Americans" from moving money to exchanges, it's unclear what Trump might do to the commission during his second term. What plan.

If confirmed as SEC chairman, Atkins would have the power to chart his own path. If Trump disagrees with a decision, he can name the potential committee leader on social media or apply other pressure.

Some members of the 119th Congress have suggested supporting passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which would clarify the role of the SEC and the Commodity Futures Trading Commission (CFTC) regarding digital assets. However, even without this bill, there are reports that Trump intends to appoint a CFTC chairman who supports crypto regulation that would benefit the industry.

According to the "2025 Project" - specialA conservative framework that the Trump transition team rejected during the campaign but reportedly pivoted to hiring decisions after Election Day — that members of Congress should “modernize the definition of goods […] and clarify how digital assets are treated.” The framework also Recommended for anyone at the Securities and Exchange Commission to "remove regulatory hurdles."

“The Securities and Exchange Commission and the Commodity Futures Trading Commission should clarify the treatment of digital assets [by promulgating] joint regulations providing that holders of digital assets shall not be deemed to be a party to an investment contract [and] modify the commodity’s definition to include digital assets that are not securities.”

The Trump-Vance transition website did not mention the SEC or CFTC in it at the time of publication.

Bitcoin and Cryptocurrency Presidential Advisory Committee

At the Bitcoin 2024 conference, Trump also stated that he intends to establish a committee focused on digital asset-related issues:

"Their The mandate is to design transparent regulatory guidelines that benefit the entire industry, and they will do that within 100 days. But from now on, the rules will be written by people who love your industry, not who hate your industry."

As of January On the 13th, the president-elect has appointed former PayPal COO David Sacks as his "crypto and artificial intelligence czar" to lead the committee, and appointed former House Republican candidate Bo Hines as executive director.

Trump said Hines and Sacks would work to "promote innovation and growth in the digital asset space while ensuring industry leaders have the resources they need to succeed," but at the time of publication, he had not provided More details on the committee's activities and whether they may include favorable regulations.

Prevent the Federal Reserve from developing CBDC

Trump said at the Bitcoin 2024 conference: "The creation of central bank digital currencies is over. As long as I am president of the United States, there will never be a CBDC."

< Rep. Tom Emmer said that the Federal Reserve has been exploring the development of a digital dollar for years, including making a CBDC one of its "primary responsibilities" in March 2024. So far, the central bank has not proposed any timetable for a possible digital dollar, but many U.S. lawmakers and candidates in the 2024 elections are opposed to a CBDC.

While U.S. presidents do have the power to appoint and potentially fire the Fed chair, their power to influence the central bank is somewhat limited.

Trump can make public statements to put pressure on the Fed to make certain decisions, and may even remove the chairman who disagrees with him, but he may not necessarily order the Fed to take actions such as raising or lowering interest rates. .

In his first term, Trump appointed Jerome Powell) serves as chairman of the Federal Reserve. While the president-elect has criticized interest rates as being too high, he has publicly said he will not try to fire Powell, allowing the Fed chief to stay in office until at least the end of his term in May 2026.