Crypto Industry Sees Major Boost with New Appointments and Regulatory Framework
The cryptocurrency sector is abuzz with excitement as Coinbase, a leading crypto exchange, announces the addition of four high-profile members to its global advisory council. The new appointees include former U.S. Senator Kyrsten Sinema and Chris LaCivita, co-campaign manager for President Donald Trump’s re-election. This move is seen as a significant step towards creating a favorable regulatory environment for the crypto industry.
A Shift in Regulatory Landscape
The Trump administration has made it a top priority to draft a framework for the growth of the crypto sector, following years of enforcement actions that the industry has criticized as regulatory overreach. The crypto industry has been a strong supporter of Trump’s presidency, donating millions of dollars to his re-election campaign. In return, the industry is expecting a more favorable regulatory setup, which has already led to bitcoin reaching record highs, surpassing $100,000 for the first time.
Industry Experts Weigh In
Analysts at Bernstein believe that crypto is now firmly established as a key player in the financial system, with bitcoin on track to reach $200,000. The new additions to Coinbase’s advisory council, including Bill Dudley, former president of the Federal Reserve Bank of New York, and Luis Alberto Moreno, a global development and international finance expert, will provide valuable insights and expertise to the company.
Regulatory Framework Takes Shape
Earlier this month, the U.S. Securities and Exchange Commission’s new leadership created a task force to develop a regulatory framework for crypto assets. Additionally, Trump has named former PayPal executive David Sacks as his “White House A.I. & Crypto Czar.” These moves are expected to reshape U.S. policy on digital currency, providing much-needed clarity and guidance to the industry.
Mainstream Appeal on the Rise
Support from Wall Street institutions and corporate titans such as Elon Musk, as well as the approval of U.S. exchange-traded crypto funds, has boosted the sector’s mainstream appeal. While regulatory uncertainty remains a challenge, the industry is optimistic about its future prospects.
Coinbase Shares Set to Benefit
Analysts at Mizuho believe that Coinbase shares are likely to benefit from a further upside in bitcoin over the medium term. As the brokerage notes, “Rising tide lifts all moats,” indicating that the growth of the crypto industry will have a positive impact on companies like Coinbase.
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