How will Trump’s SEC and Treasury department have an impact on crypto regulations?

President Donald Trump followed his pre-election promises by launching measures to revolutionize the crypto industry. During his first week as president, Trump issued an executive order for crypto, appointing several individuals to positions that could directly affect what happens in the crypto industry.

Trump, along with the executive order, set up a Crypto Council and left them to work on creating rules governing the industry. Despite the measures taken by the US President, most crypto community members remain observers as they want to know who the president will appoint in a particular position.

The curiosity of Crypto Community members can be justified by taking into account the general perception of Gary Gensler, a former SEC chair that most crypto users consider to be the “enemy of the industry.” Gensler led the SEC under his last administration, leading most lawsuits against crypto companies, earning the tag “enemy of the crypto industry.”

Related: Focused SEC Leadership: Paul Atkins was supported by top candidates after Gensler

According to the report, President Trump intends to nominate former SEC committee member Paul Atkins as the next substantive SEC chairman. However, Marc Ueda, the pro-crypto commissioner, will take over his acting abilities. Many supporters believed that Atkins’ appointment would mark a major shift from the strict surveillance of Genzler during the Biden era.

In addition to the SEC, the US Treasury is key to the digital asset industry. During the last campaign, Trump pledged to halt planned sales of US-owned digital assets and implement crypto stockpiles. Analysts believe that the Crypto Treasury Chief of the Treasury is important in achieving Trump’s goal of making the US a leader in the crypto sector.

Related: Trump appoints Scott Bescent as Treasury Secretary.

In line with his vision, Trump nominated Scott Bescent, a procrypt advocate known as the Treasury Secretary. Analysts thought the nomination was consistent with Trump’s strategy of surrounding like-minded individuals and themselves. With an willingness to promote Crypto adoption, these picks may pave the way for regulations that drive innovation without throttling growth.