The Trump administration is filling posts with people who are pro-crypto. This is a very encouraging sign for an industry that was continually harassed by the previous administration.
Jonathan Gould is the latest to be named to a prominant post. The Trump Administration put him in position to lead the Office of the Comptroller of the Currency (OCC).
He is the ex-CLO of Bitfury.
This is in a continued trend since Trump took office. Even the temporary heads are in this vein. It is part of what is pushing the markets to a higher level, something it has maintained over the last few weeks.
Could this be the onset of something explosive?
Image from article linked below
New OCC Lead Is Pro-Crypto
By placing people who are sympathetic to crypto in positions of authority, we are looking at a trend reversal.
The OCC is a regulator reponsible for overseeing the banking industry.
According to Venice.AI...
The Office of the Comptroller of the Currency (OCC) is a US federal agency responsible for regulating and supervising national banks and federal savings associations. The OCC is an independent bureau within the US Department of the Treasury and plays a crucial role in maintaining the stability and integrity of the US banking and financial system.
It further goes on to state:
The OCC regulates and supervises national banks and federal savings associations in several areas, including:
Chartering and licensing: The OCC has the authority to grant charters to national banks and federal savings associations, allowing them to operate in the United States.
Capital requirements: The OCC sets capital requirements for national banks and federal savings associations to ensure they have sufficient capital to absorb potential losses.
Liquidity requirements: The OCC monitors banks' liquidity levels to ensure they have sufficient funds to meet their short-term obligations.
Risk management: The OCC evaluates banks' risk management practices, including credit risk, market risk, operational risk, and compliance risk.
Consumer protection: The OCC ensures that national banks and federal savings associations comply with consumer protection laws, such as the Truth in Lending Act and the Fair Credit Reporting Act.
Compliance with laws and regulations: The OCC monitors banks' compliance with various laws and regulations, including anti-money laundering (AML) rules, Bank Secrecy Act (BSA) requirements, and Community Reinvestment Act (CRA) regulations.
Examinations and enforcement: The OCC conducts regular examinations of national banks and federal savings associations to assess their safety and soundness, compliance with laws and regulations, and overall performance.
As we can see, this is an important position. After going through Operation Choke Point 2.0, this could be a welcomed move.
Within the banking industry, there are a number of regulators to appears, both state and Federal. Having a clear mandate across the entire administration, is another step in the right direction.
Gould, however, will be the lead bank regulator.
Gould’s position would see him lead the regulator that monitors large national banks.
Crypto Explosion?
The cryptocurrency market is looking for positive signs. This, however, is bigger than just crypto. We are looking at digital assets becoming the defacto financial product. Web 3.0 is near. We simply have to step forward and make it reality.
Bitcoin is only a small piece of the overall puzzle. It gets most of the focus but it doesn't really factor into Web 3.0. This is going to take place across many different networks.
The foundation that is being laid is what will set it up. This, in my view, will lead to a crypto explosion. It is an industry that is primed to take off if government would get out of the way. Could we actually being seeing some assistance from the US government?
Time will tell on that one.
Nevertheless, the change from adversary is a big move. It will allow innovation to start at a furious pace. A few breakthroughs will get the ball rolling. A lot of hype arose over the years...a significant service or application will certainly capture the minds of many people.
There was a time when the market looked at things such as "internet stocks". Now they are just stocks. Nobody refers to Google or Facebook (Meta) in such a way. The same will hold true in this realm. There are going to be ways that people define tokens, only to have that specific label removed.
In the stock market, we have lasting categories such as large or small cap and sector designation. Of course, with technology it can get very sketchy.
With technology companies, they can enter any market they want to. With tokenization, we will likely see similar instances where tokens related to specific platforms extend outside its original area.
The next couple years could see a massive explosion especially with AI tied to it.
Posted Using INLEO
This shift is very promising for the crypto industry. I think they are starting to get to the crypto world more and more.
I am very optimistic that during this present tenure of trump, he will definitely favour the crypto space. It is just a matter of time before we start seeing it manifesting in the crypto industry