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Donald Trump has become the new president of the United States after a closely contested race. Trump is expected to take office in January, and it is also wondered whether he will fulfill his campaign promises regarding Bitcoin and cryptocurrencies.
While the expectation is that Trump will fulfill his promises, JP Morgan announced that there will be positive developments in cryptocurrency regulations under the Trump administration and the possible changes it expects to happen in this context.
Laws Can Be Approved!
According to The Block, JP Morgan analysts have stated that the Donald Trump administration and the Republican-dominated Congress could make six significant regulatory and market changes that could reshape the U.S. cryptocurrency market.
JP Morgan analysts led by Nikolaos Panigirtzoglou first said the 21st Century Financial Innovation and Technology Act (FIT21) could be approved, which could provide much-needed regulatory clarity by defining the regulatory roles of the SEC and CFTC.
Apart from the FIT21 law, analysts said that the Payment Stablecoin Clarity Act of 2023 and the Central Bank Digital Currency State Act could also be approved.
Filed Cases Can Be Solved!
Analysts said they expect a clearer regulatory framework for cryptocurrencies to be established outside of legislative approvals.
At this point, JP Morgan stated that high-profile lawsuits filed against companies like Coinbase could be resolved or even dropped.
“In addition, Wells Notices sent to companies like Robinhood and Uniswap could be re-evaluated, thereby reducing litigation risks in the cryptocurrency industry as a whole.”
SEC's Cryptocurrency Restrictions for Banks May Be Lifted!
Analysts also noted that the SEC's SAB 121 law, which restricts banks from holding digital assets, could be repealed.
JP Morgan said the repeal of this law would pave the way for banks to interact with digital assets more freely.
More ETFs May Be Approved, But…!
More altcoin ETFs could be approved under Trump administration, analysts say. At this point, while optimism is growing over the approval of spot ETFs for XRP, Solana (SOL), and other crypto assets, hurdles remain, analysts said.
According to analysts, securities lawsuits should end for more spot ETFs and futures-based ETFs for related altcoins should be approved.
Analysts also added that clearer regulations coming with the Trump administration could increase venture capital financing, mergers and acquisitions, and initial public offerings in the crypto sector.
Strategic Bitcoin Reserve Probability Low!
Analysts recently stated that the possibility of creating a strategic Bitcoin reserve for the United States, which is among Trump's promises, is low.
Although this possibility is low, analysts stated that if the US follows the Bitcoin reserve path, other countries will follow the US and Bitcoin's reserve asset status could be further strengthened.
*This is not investment advice.