Trump’s pro-crypto leadership could fuel ‘defi renaissance’ in US, analysts say

Matrixport analysts predict that the United States could be on the path to a potential revolution in decentralized finance as Trump’s cryptocurrency-positive cabinet takes shape.

Donald Trump’s likely nominees for the U.S. Treasury, Commerce and possibly the Securities and Exchange Commission are seen as crypto-friendly leaders who, if appointed, could transform financial policy and bring the country more in line with the rapidly developing crypto industry, according to analysts. In Matrixport.

In a recently published analytical report, analysts expressed their belief that the 2024 story of Bitcoin (BTC) becoming digital gold could “definitely turn into a renaissance” as traditional finance increasingly integrates decentralized finance applications, or blockchain networks, to “improve payment systems.” and process efficiency.”

“While clear regulations can be expected, the digitalization of the US financial economy could make crypto applications the biggest winners of this election. “This shift could also push other governments to adopt crypto and accelerate global adoption.”

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Howard Lutnick, CEO of investment bank Cantor Fitzgerald, who was chosen as Commerce Secretary, is a vocal crypto advocate, praising the role cryptocurrencies and cryptocurrencies have today. Similarly, Trump’s nominee for Treasury Secretary, Scott Bessen, expressed his support for Bitcoin in a recent statement, saying “crypto is about freedom and the crypto economy is here to stay.”

Matrixport notes that Bessen’s call to reduce the budget deficit has increased speculation that the encouraging fiscal policies of recent years cannot continue, which has been interpreted as an important reason to buy Bitcoin in an uncertain macroeconomic environment.

“A Strategic Bitcoin Reserve looks increasingly likely, but the US may not actively purchase Bitcoin but instead hold assets it already owns indefinitely.”

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The third candidate, Paul Atkins, a veteran crypto lawyer and former SEC commissioner, is being considered for SEC Chairman. According to Matrixport, Atkins “played a pivotal role in shaping the cryptocurrency industry through his regulatory expertise and balanced oversight advocacy.”