SkyBridge Capital founder warns: Friendly encryption regulations won’t start overnight after Trump takes office, that’s not how Washington works

The new Trump administration has promised to promote important legislative reforms to support the cryptocurrency industry after taking office. However, it is still unknown when the first virtual currency legislation will be passed by Congress and sent to Trump. Anthony Scaramucci, founder of Tianqiao Capital, recently reminded that it would be a big mistake to think that the cryptocurrency industry will thrive after Trump takes office on January 20 next year.
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The incoming Trump administration has promised to promote important legislative reforms to support the cryptocurrency industry, which has applauded the market. Trump himself has previously made a series of promises, including the promise to fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, establish a Presidential Advisory Committee on Virtual Currencies, and work with Congress to establish a national Bitcoin strategic reserve.

At present, Trump has appointed Paul Atkins, a well-known virtual currency lawyer, to replace Gary Gensler, and appointed venture capitalist David Sacks as AI and virtual currency czar. At the same time, the cryptocurrency industry is still looking forward to the most supportive Congress in history for virtual currencies.

Partner and co-founder of virtual currency venture capital firm Castle Island Ventures said:

People are shocked by this because we are an emerging industry and have just established a new influence in Washington. We are an industry that has been ruthlessly picked on over the past four years. Naturally, we will try to protect our interests.

When will the first virtual currency legislation be passed?

The Republicans are expected to advance legislation to support virtual currencies, provide clear regulation for stablecoins and the broader virtual currency market, and even provide better access to digital asset businesses for big banks. Nic Carter has met with Republicans to discuss the lack of bank access in the virtual currency field in the United States.

Because many regulated U.S. banks still have no access to virtual currencies. Therefore, the outside world is highly expecting Congress to pass further virtual currency legislation. However, Goldman Sachs CEO David Solomon recently bluntly stated that everyone is guessing how the regulatory framework will evolve, but it is still unclear how the regulatory framework will evolve.

In this regard, Anthony Scaramucci, the founder of Skybridge Capital, who served as the White House Communications Director during Trump's first administration, reminded:

I just want to remind everyone that if you think that after January 20th, a switch will be activated and everything will get better, and the Bitcoin and digital asset community will be thriving, then you are wrong. That is not the way Washington operates.

The report pointed out that it is still unknown when the first virtual currency legislation will be passed by the House of Representatives and the Senate and sent to Trump.