The elected President of the United States, Trump, has nominated three key cabinet minister candidates who will respectively head the U.S. Department of the Treasury, the Department of Commerce, and the Securities and Exchange Commission (SEC). These candidates are generally regarded as friendly towards cryptocurrencies and are aware of the inevitability of digital assets in the modern financial system. Their nominations are expected to further integrate cryptocurrencies into the U.S. economy.
Ironically, the U.S. may become a beneficiary of MiCA. During Trump's second term, his pro-cryptocurrency ministerial team is expected to focus on integrating cryptocurrencies into the U.S. economy to drive technological innovation and economic growth. The domestic debate in the U.S. has shifted from merely establishing a regulatory framework to fully embracing cryptocurrencies as a driver of economic opportunity and technological advancement.
Trump's nominee for Secretary of Commerce, Howard Lutnick, CEO of investment bank Cantor Fitzgerald, has been an active advocate for Bitcoin, comparing BTC to gold and supporting its unrestricted global trading. Similarly, Trump's nominee for Secretary of the Treasury, Scott Bensett, is also a staunch supporter of BTC, stating: “The crypto economy will be widely accepted. These assets attract young people who have not previously participated in the market.”
Despite the rise in Treasury yields from a low of 3.60% following the September FOMC meeting, they have declined again after Scott Bensett was nominated as Treasury Secretary. This reflects market expectations of an initial slowdown in growth, partly due to potential government restructuring and Bensett's proposal to reduce the U.S. budget deficit. If post-election campaign promises are implemented, the stimulative fiscal impulse that emerged under recent surges in government spending may be difficult to sustain—this is a key argument for advocating the purchase of Bitcoin in the current macro environment.
The possibility of establishing a strategic BTC reserve is increasing. However, the U.S. may not actively purchase Bitcoin but rather indefinitely retain its existing holdings of Bitcoin.
The third key candidate Trump may nominate is Paul Atkins, an experienced cryptocurrency lawyer and a potential candidate for SEC Chairman. As a former SEC commissioner, Atkins has played a crucial role in shaping the cryptocurrency industry through his regulatory expertise and advocacy for balanced regulation. He has consistently emphasized the need for clear guidelines for digital assets, warning that overly strict regulation could hinder technological innovation.
If the aforementioned nominations come to fruition, the narrative for 2024—BTC as digital gold—may evolve into a revival of decentralized finance (DeFi), with traditional finance increasingly integrating DeFi applications and blockchain technology to enhance payment systems and transaction efficiency. While clear regulations are expected to be established, the digitization of the U.S. financial economy may make cryptocurrency applications the biggest winners in this election. This shift could also compel governments in other countries and regions to accept cryptocurrencies, accelerating their global adoption.
While all eyes are on BTC, Ethereum may catch up in the scenario of a decentralized finance (DeFi) revival.
Some of the above views are from Matrix on Target, Contact Us_ for the complete report from Matrix on Target._
Disclaimer: The market is risky, and investment should be cautious. This article does not constitute investment advice. Trading in digital assets may carry significant risks and volatility. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions made based on the information provided herein.
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