Cryptocurrencies are skyrocketing again thanks to Trump

The start of Donald Trump’s term has been well received at the Consensus cryptocurrency conference, which is taking place in Toronto, where participants expressed their desire for regulatory clarity now that Republicans control Congress.

Specialized lawyers in digital assets stated that platforms are seeking a clear framework to operate in the sector, a desire that resonates after months of uncertainty under the administration of Joe Biden.

Eric Trump, son of the president and co-founder of the cryptocurrency company American Bitcoin, is one of the speakers at the conference, raising questions about potential conflicts of interest.

Investors Bet on Trump to Exploit the Value of Cryptos

Eric Trump’s involvement in the crypto sector includes not only his business but also his engagement in family projects such as World Liberty Financial and the meme coin $TRUMP. It has been reported that the value of the latter skyrocketed when an exclusive dinner with the president was announced, which would be attended by its main holders.

Cryptocurrency investors have provided significant financial support to Trump’s presidential campaign, contributing millions of dollars in the hope that his return will bring a change in the government’s perspective towards cryptocurrencies.

In this regard, Annemarie Tierney, a regulation expert, suggested that a return of Trump could mean a “reset” in the relationship between the industry and Washington, especially after the restrictions imposed by the Biden administration.

The Congress is evaluating two bills on cryptocurrencies: one on stablecoins, which are linked to the dollar, and another that seeks to create a regulatory framework for the digital asset market. However, Democrats have expressed concerns about Trump’s increasing interests in the sector during his term, complicating the advancement of these initiatives. Experts agree that it is crucial to establish clear rules before the political situation changes again in Congress.