Trump’s Crypto-Friendly Policies Spark Optimism Among Investors
The election of Donald Trump has raised expectations for supporting policies and regulations about cryptocurrency. The reelected president is already in motion, and choosing his affiliation appears to be crypto-friendly, which is a huge win for cryptocurrency investors. The departure of SEC Chair Gary Gensler, which is currently underway, is the crypto industry’s greatest accomplishment. Interestingly, calls for the SEC and CFTC to unite have resurfaced in an effort to improve the sector. Because of the former’s bad relationship with the Security and Exchange Commission, this may eventually impact the price of XRP and XLM.
SEC-CFTC Merger Proposal Gains Support from Trump, Musk, and Crypto Advocates
Approximately three months ago, US Congressman John Rose proposed a measure for the combination of the SEC and CFTC, which has been the subject of merger negotiations for years. Three months later, John E. Deaton, a well-known cryptocurrency spokesperson, has made the same request, citing the need for better regulation that is free from misunderstandings and interfering with one another.
It’s interesting to note how many prominent figures in the field, such as Vivek Ramaswamy and Elon Musk, have endorsed this idea. Donald Trump even plans to delegate oversight of the cryptocurrency industry to the CFTC, which currently has jurisdiction over commodities like gold and the US derivatives market.
Ripple’s XRP Hits Six-Year High While XLM Follows Bullish Trend After SEC Struggles
John, like many cryptocurrency aficionados, has been critical of Gary Gensler and the SEC because analysts think their involvement has slowed the rise of the cryptocurrency. The CFTC has brought 120 lawsuits against cryptocurrency service providers, including Ripple, Binance, Kraken, and others, according to the previous CoinGape report on the Ripple SEC Case.
The price of XRP was most affected by plunging and then stabilizing over three years. Due in large part to the SEC’s harsh actions against Ripple, XLM’s price trajectory was nearly identical. More significantly, US cryptocurrency users have suffered greatly since they were barred from purchasing and selling many tokens.
As the price of the Ripple token recovered from consolidation and reached a six-year high at $2.84 at the start of the month, optimism increased after three years of struggles. Meanwhile, the price of XLM reached all-time highs. According to further analysts, the launch of the RLUSD stablecoin and Gary Gensler’s retirement might propel the price of XRP to unprecedented heights.
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