U.S. President-elect Donald Trump will be inaugurated on January 20th, and executives in the cryptocurrency industry are excited, anticipating his policies to promote cryptocurrencies.
However, it is unclear whether these policies will survive his administration and will depend on the balance of power in Washington, DC, sources told Cointelegraph.
Adam O'Brien, founder and CEO of Bitcoin Well, a financial services company focused on Bitcoin, said he expects Vice President-elect J.D. Vance to succeed President Trump in 2029. If this happens, President Trump's pro-cryptocurrency policy will remain in place. O’Brien told Cointelegraph:
“The next time Vance is on the ballot, I think any policies that Trump implements will have staying power because he's probably going to be involved in almost every decision and agree with most of them. ”
The CEO added that President Trump's pro-crypto policies could be threatened if Democrats regain control of Congress and the president in the next election cycle.
This is especially true for policies enacted by executive order, which are more likely to be overturned by successors than policies enacted through Congress.
President Trump delivers the keynote speech at the Bitcoin 2024 conference in Nashville. Source: Cointelegraph
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Congressional deadlock and US midterm elections
Joe Dole, general counsel for NFT market Magic Eden, recently told Cointelegraph that the Trump administration likely only has 24 months to enact pro-crypto policies.
The lawyer said Republicans have a narrow majority in the House of Representatives, and it is almost certain that the House will flip to a Democratic majority in the 2026 midterm elections.
Former Speaker of the House Paul Ryan spoke on stage at the North American Blockchain Summit in Texas on November 20, calling for bipartisan cooperation on cryptocurrency regulation.
The former lawmaker said at least 60 votes are needed to pass crypto policy reform, reminding the audience that Republicans hold a majority in the House of Representatives with just four seats.
Current party breakdown of the U.S. House of Representatives. sauce: usa house
Ryan also urged President-elect Trump not to further erode the narrow Republican majority by selecting members of the House of Representatives to serve in his cabinet.
Members of the U.S. House of Representatives must give up their seats in Congress to accept positions in the executive branch and must be replaced according to specific state rules.
But Lee Bratcher, president of the Texas Blockchain Council, said political representatives will be far less likely to oppose the crypto industry following the 2024 election results due to pressure from industry advocacy groups. insisted.
“The last election cycle was so complete and overwhelming that it would be pretty stupid for any member of Congress to stick their neck out and be openly anti-crypto,” Bratcher told Cointelegraph.
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