Could Trump revitalize Bitcoin?

In the world of cryptocurrencies, the volatile nature of Bitcoin has been a topic of much discussion. This is particularly true in the context of political involvement. A recent article published in the magazine section of a well-known financial news website sheds light on this very subject.

The article, which was first published in the magazine, argues that politicians should steer clear of picking winners in the crypto industry due to the inherent volatility of Bitcoin. This stance was echoed by former President Donald Trump in 2019 when he referred to Bitcoin as "highly volatile" and based on thin air.

However, Trump's stance on Bitcoin has since evolved. At the Bitcoin 2024 conference in Tennessee, he expressed his support for the crypto industry, pledging to end the "persecution" of cryptocurrencies by regulators. This shift in attitude was met with strong applause from the conference crowd.

Trump's announcement to fire Gary Gensler, the chair of the US Securities & Exchange Commission (SEC), drew similar enthusiasm. Gensler, who has been criticised for unfairly targeting crypto operators, has launched over 40 crypto-related enforcement actions since 2023. His SEC has also sued several crypto companies for violating securities laws, despite the challenging compliance environment set by the SEC's own rules.

Interestingly, the Wall Street Journal states in the article that regulators have unfairly targeted crypto operators. This has led to a debate about the role of politicians in the crypto industry. If cryptocurrencies are truly a libertarian investment vehicle free from political influence, they should trade independently without government assistance, the article suggests.

In a surprising twist, it was announced that Paul Atkins became the chairman of the US Securities and Exchange Commission (SEC) following Gary Gensler's resignation on January 20, 2024. This leadership change, which took place under Trump's administration, could potentially bring about a new era in the regulation of cryptocurrencies.

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