The crypto industry is buzzing with optimism as Donald Trump has been elected president of the United States. Michael Novogratz of Galaxy Digital believes this is a turning point for the industry. The new administration is expected to bring significant changes, especially with key financial regulators likely to get clear guidance on crypto. Three major regulators—the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Securities and Exchange Commission—could see a shift in their approach if the new president is supportive of crypto. This could mean big banks like State Street and Bank of New York can start handling crypto assets, attracting billions of new participants.

Novogratz points out that Trump's team includes influential figures like JD Vance, Peter Thiel, and Howard Lutnick, who are all crypto-friendly. This could lead to significant advancements in the industry. However, he cautions that these changes won't happen overnight. As appointments are made, the energy and momentum in the crypto industry are expected to shift positively.

The crypto industry has faced headwinds in the past, with figures like Sen. Elizabeth Warren and SEC Chair Gary Gensler adopting a tough stance. This new administration offers a chance for a fresh start, with a potential for clearer legislation and less enforcement-based regulation.

Crypto Industry's New Hope with Trump's Presidency

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