As Trump’s crypto-positive cabinet takes shape, the US could be on track for a potential revolution in the decentralized finance space, analysts at Matrixport expect.
Donald Trump’s potential nominees for the U.S. Treasury, Commerce and possibly Securities and Exchange Commission are seen as crypto-friendly leaders who, if appointed, could transform financial policy and align the country more closely with the rapidly evolving crypto sector , analysts said. at Matrixport.
In a recent analytical report, the analysts expressed the belief that the 2024 story – Bitcoin (BTC) as digital gold – could evolve into “a defi renaissance,” with traditional finance increasingly integrating decentralized financial applications or blockchain networks to ‘improve payment systems’. and transaction efficiency.”
“While clear rules should be expected, the digitalization of the US financial economy could make crypto applications the biggest winners of this election. This shift could also put pressure on other governments to embrace crypto, accelerating global adoption.”
Matrix gate
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Howard Lutnick, CEO of investment bank Cantor Fitzgerald, who has been appointed Secretary of Commerce, has been an outspoken advocate for cryptocurrencies and praises the role that stablecoins and crypto play today. Similarly, Trump’s nominee for Treasury Secretary, Scott Bessen, has also expressed support for Bitcoin, noting in a recent statement that “crypto is about freedom, and the crypto economy is here to stay.”
Scott Bessent, Trump’s Treasury Secretary nominee:
“I think everything is on the table with Bitcoin.”pic.twitter.com/IuQZIIdtaz https://t.co/hkf3eyXzmS
— Pledditor (@Pledditor) November 22, 2024
Matrixport notes that Bessen’s call for a lower budget deficit has contributed to speculation that the stimulative fiscal policies of recent years may not continue, which in turn has been interpreted as a key reason to buy Bitcoin in an uncertain macroeconomic environment environment.
“A strategic Bitcoin reserve seems increasingly likely, although the US may not actively buy Bitcoin but instead hold on to the assets it already owns indefinitely.”
Matrix gate
The third nominee, Paul Atkins, a veteran crypto lawyer and former SEC commissioner, is being considered for the SEC chairmanship. According to Matrixport, Atkins has played a “critical role in shaping the cryptocurrency industry through his regulatory expertise and advocacy for balanced oversight.”
Read more: Trump considering CFTC to regulate crypto
