By Hannah Lang

(Reuters) – The crypto industry is advocating for extensive policies to boost the adoption of digital assets, anticipating a supportive regulatory environment under President-elect Donald Trump.

With Trump's decisive victory alongside a projected Republican Congress, a significant overhaul of crypto policy is on the horizon. Trump has expressed intentions to be a "crypto president," giving the industry hope for favorable changes.

Crypto companies are pushing for various measures, including executive orders on banking access for crypto firms and the nomination of crypto-friendly candidates for key regulatory positions, including a new Securities and Exchange Commission (SEC) chair.

Mike Belshe, CEO of BitGo, stated optimism about reducing the previous administration's regulatory grip, which he described as negative. Bitcoin surged above $90,000, driven by positive market sentiment, with some anticipating it could reach $100,000.

Some requests from the industry could result in rapid actions, like appointing pro-crypto nominees; however, other proposals, such as establishing a regulatory framework, could take longer.

Trump's commitment to form a crypto advisory council remains unclear, but industry leaders are considering potential candidates to shape future policies.

Jonathan Jachym of Kraken highlighted the need for suitable leadership to foster favorable crypto regulations.

With the Biden administration's regulatory approach being more restrictive, the crypto industry sees a Republican-led government as an opportunity for change and innovation in crypto policy.

Trump's plan to establish a strategic U.S. bitcoin reserve is viewed as a legitimate opportunity by industry executives, offering a path to increased legitimacy for digital assets.

Trump’s banking regulators are expected to adopt a softer stance on crypto, addressing previous challenges firms faced in securing banking partnerships due to regulatory scrutiny.

Kristin Smith of the Blockchain Association emphasized that executive actions from the administration could significantly improve banking relations for crypto companies.

Expectations for the new SEC chair include the introduction of no-action letters to mitigate fears for compliance among crypto businesses.

The industry is preparing to advocate for crypto-friendly legislation, anticipating that a Republican majority could facilitate meaningful legislative progress through budget reconciliation processes.

Pro-crypto candidates backed by Coinbase and other companies during the election, such as Ohio Republican Bernie Moreno, who defeated a Democratic skeptic, suggest a promising shift in future congressional composition.

Kara Calvert states that the upcoming Congress could be the most pro-crypto in history.