What to know:
- Incoming Trump administration heralds a new era for digital assets in the U.S., the report said.
- JPMorgan said the worst regulatory environment for crypto markets is now in the past.
- New crypto policies could take up to 12 months to have an impact, the report said.
As a seasoned researcher with a keen eye for market trends and a knapsack full of experiences that span across various economic cycles, I find myself intrigued by the optimistic outlook JPMorgan paints for the digital assets sector under the incoming Trump administration.
The triumph of Donald Trump in the November presidential election is starting to bring a fresh phase for cryptocurrencies in the United States, according to JPMorgan’s recent report. Notably, they pointed out that the overall value of the cryptocurrency market has risen approximately 65% since his reelection.
Analysts headed by Kenneth Worthington have stated that this latest government not only exhibits a welcoming attitude towards cryptocurrencies, but they are actively keen on fostering the growth of this financial asset class.
The new government is open to discussions on cryptocurrency market regulations and promoting further growth within the U.S., according to the report. Notably, the President-elect has already selected several individuals who will play significant roles in shaping crypto policies and enforcement.
According to the report, we can consider the most unfavorable regulatory conditions for cryptocurrency as history. The crypto industry is projected to evolve into one that is safer, more transparent, and more productive, regarding regulations, moving forward.
Still, these positive tailwinds could take some time to have an effect. JPMorgan cautioned that the market might not see policy impacts for at least nine to 12 months into Trump’s term.
The absence of Trump’s nominee for the Commodity Futures Trading Commission (CFTC) chair is a key vacancy hindering the administration’s pro-cryptocurrency plans, as stated by a Wall Street bank. This position holds significance due to its potential influence in governing bitcoin (BTC) and ether (ETH).
Improving the regulatory climate could result in a greater number of cryptocurrency tokens being listed on platforms like exchanges and brokerages, and it might also foster increased creativity in the development of new financial products, according to the report.
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2024-12-18 19:03