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The Constraints of Governance: Trump's Promises to Transform the Crypto Industry Face Legal and Procedural Hurdles

The Constraints of Governance: Trump's Promises to Transform the Crypto Industry Face Legal and Procedural Hurdles

CointimeCointime2024/11/14 12:33
By:Cointime

President Donald Trump received significant financial backing from the cryptocurrency industry, promising to make the US the "crypto capital of the world" and receiving over $135 million in campaign contributions. However, fulfilling these promises may prove difficult due to legal constraints, bureaucratic inertia, and navigating a complex governance process. Trump's pledge to fire SEC Chair Gary Gensler on "day one" is legally impossible, and acting appointments may lack the legitimacy and authority needed for lasting reforms. Alternative strategies, such as appointing crypto-friendly commissioners, proposing legislative reforms, and promoting regulatory experimentation, may be necessary to implement Trump's crypto agenda. The crypto industry may face frustration as regulatory processes often take longer than expected, requiring consideration of feedback and legal scrutiny.

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