In a surprising turn of events, Donald Trump has been elected as the 47th President of the United States, a victory that has sent ripples through various sectors, particularly the cryptocurrency industry. Justin Sun, the founder of Tron, took to social media platform X to extend his congratulations to the newly elected leader. Trump’s win, as a pro-industry Republican candidate, has sparked widespread speculation about the future of the crypto sector and the fate of anti-crypto regulators like the Securities and Exchange Commission (SEC) chairman Gary Gensler.
Is Justin Sun Considering Hiring Gary Gensler?
This year’s US election was among the most anticipated political spectacles, with its outcome predicted to significantly influence the trajectory of the country’s burgeoning crypto industry. Candidates’ positions on digital assets emerged as pivotal points during their campaigns, with substantial sums donated in digital assets to support both political parties. The triumph of the pro-industry candidate led to a remarkable market surge of nearly 7% within a span of 24 hours, catapulting Bitcoin (BTC), the largest cryptocurrency by market capitalization, to a new all-time high (ATH) of $75,358.
Justin Sun, alongside numerous industry leaders, reacted to Donald Trump’s electoral success on November 5. In his congratulatory message, Sun expressed his optimism for a favorable approach that could nurture and advance the industry:
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Congratulations to President Trump on becoming the new U.S. President! We hope for crypto-friendly policies that promote industry growth. These changes can make America even greater. Looking forward to success in the crypto space under this leadership!
Moreover, Sun humorously questioned the future of SEC Chairman Gary Gensler, given Trump’s pledge to dismiss him on his first day in office. Gensler has been a contentious figure in the community, known for spearheading the regulator’s stringent actions against the sector and a “regulation by enforcement” strategy that has faced considerable criticism over time.
In a light-hearted manner, Sun proposed that the community should adopt an “inclusive heart” and extended an offer to hire Gensler, provided he genuinely embraces the industry with sincerity. A community member whimsically suggested hiring Gensler with no power or jurisdiction, merely observing from the sidelines.
Crypto Voters Deliver a Resounding Message
Paul Grewal, Coinbase’s Chief Legal Officer (CLO), also addressed regulatory concerns post-Trump’s victory. Grewal conveyed hopes that the SEC would acknowledge the election outcome as a clear indication from voters desiring change on various fronts, including crypto. He urged the SEC to cease litigation against crypto companies and commence constructive dialogue with the industry, stressing that there is no justification for delaying the development of improved regulations. Echoing these sentiments, Coinbase’s CEO, Brian Armstrong, celebrated the triumph of crypto voters.
Armstrong welcomed what he deemed “America’s most pro-crypto Congress ever,” noting the election of over 260 pro-industry candidates to the US House of Representatives and Senate. He emphasized:
Tonight, the crypto voter has spoken decisively – across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.
Ripple’s CEO, Brad Garlinghouse, also expressed his enthusiasm about the crypto-friendly Congress, highlighting the victories of industry champions like Senator Bernie Moreno, Congressman Ritchie Torres, and Andy Barr.
As the total crypto market capitalization reaches $2.41 trillion, the industry is poised at a crossroads, anticipating potential regulatory shifts and opportunities under the new administration. The crypto community remains hopeful for a future that embraces innovation while ensuring stability and growth.
