In response to Donald Trump’s recent US presidential election win, Binance CEO Richard Teng has expressed a positive outlook for the US cryptocurrency sector. Teng sees Trump’s victory as heralding a golden era for the crypto industry and expects the arrival of new US regulators who are more open to digital currencies, according to the Financial Times.
The cryptocurrency sector, under strain from the previous Democrat administration, looks forward to a substantial policy shift in Washington. This comes after Binance was penalized heavily for violations of anti-money laundering and sanctions rules last year, and its former head was imprisoned.
Post-election, Bitcoin experienced a near 10% surge, reaching a record high of over $76,000. On Thursday, a record $1.4 billion was invested in US Bitcoin exchange-traded funds such as Grayscale Bitcoin Trust and iShares Bitcoin Trust ETF, which directly invest in cryptocurrency.
Investors hope that the Trump administration will establish an agenda that attracts major US institutions that have so far remained uninvolved. Shervin Pishevar, a venture capitalist with close ties to Trump and Elon Musk, shared the sentiment that the US is now on the verge of a sensible crypto policy.
The cryptocurrency industry also anticipates a policy shift at the Securities and Exchange Commission where chair Gary Gensler has launched a comprehensive offensive. The goal is to halt pending cases and rectify perceived injustices of the previous leadership.
The industry’s optimism is reflected in the projected Bitcoin price surge to $80,000 this month. Experts predict that a more favorable regulatory climate under the Trump administration could drive further growth in the crypto market. As of recent data, Bitcoin is trading at $77,310, seeing a 13.52% increase over the past week.