Zinger Key Points
- Trump administration set to reshape cryptocurrency regulation, with tech leaders like Marc Andreessen playing key roles in transition.
- Plans include addressing "de-banking" issues, revising accounting policies, and developing a legal framework to support industry growth.
The incoming Trump administration is set to dramatically alter the landscape of cryptocurrency regulation, with prominent tech and crypto leaders taking influential positions in shaping policy.
What Happened: According to The Washington Post, venture capitalist Marc Andreessen has emerged as a key figure in the transition, leveraging his Silicon Valley expertise to recruit candidates for crucial positions across Washington.
Andreessen, co-founder of Andreessen Horowitz, has been actively involved in interviewing and recommending candidates for various roles, including those related to cryptocurrency policy.
His influence stems from a meeting with Trump last summer, where the President-elect’s message about beating China in the tech race resonated with the venture capitalist.
The Trump transition team has made crypto regulation a priority, with plans to address issues like “de-banking” and controversial accounting policies on day one of the presidency.
David Sacks, appointed as Trump’s AI and crypto czar, is working closely with industry leaders to finalize a legislative strategy.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation with more regulation and higher taxes,” said Brian Hughes, a spokesperson for the Trump-Vance transition.
He added that the administration aims to “develop a legal framework so the crypto industry can thrive in the United States.”
According to the report, Trump is expected to issue executive orders on day one of his presidency, possibly addressing de-banking and fair value accounting, which requires banks holding cryptocurrencies to count them as liabilities on their balance sheet.
Read Also: Tether To Relocate Headquarters To El Salvador
Why It Matters: The tech industry’s increased involvement in the transition reflects frustrations with the Biden administration’s approach to regulating cryptocurrencies.
Andreessen described Trump’s victory as “a boot off the throat” during a November podcast, indicating the industry’s hope for a more favorable regulatory environment.
This shift aligns with recent expert opinions expressed at the Benzinga Future of Digital Assets conference, where panelists emphasized the need for regulatory clarity to unlock institutional growth in the digital asset market.
Adam Guren of Hunting Hill Global Capital noted that regulatory uncertainty has been a major impediment to institutional adoption.
Ben Horowitz and Marc Andreessen have criticized the Biden administration’s crypto regulations, accusing regulators of undermining legitimate businesses while allowing questionable projects to thrive.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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