Trump ushers in new age for crypto, Wormhole Foundation’s Cathy Yoon says

The inauguration of Donald Trump as the 47th US president is expected to usher in a new era for cryptocurrencies, according to Wormhole Foundation general counsel Cathy Yoon.

Trump officially takes office on January 20, and his campaign promises, coupled with his selection of crypto advocates for key positions in his administration, signal a major opportunity for Bitcoin (BTC) and the broader crypto industry. Yoon made the remarks in comments shared with crypto.news on January 17.

Yoon sees Trump’s inauguration as the start of a new chapter in which the crypto industry may no longer face the negative consequences of regulation by enforcement. This has been a central grievance of the industry over the past four years, marked by actions by the U.S. Securities and Exchange Commission and other government agencies.

In his commentary, Yoon pointed out that under the Trump administration, crypto is unlikely to face the same regulatory-by-enforcement approach that has defined the SEC’s actions in recent years. With several pro-crypto figures expected to hold key positions in the new administration, Yoon is optimistic about a more collaborative and constructive environment for the industry.

“I hope the Trump administration ushers in a new era where crypto is not handicapped by the current rule-by-enforcement regime of current and recent SEC commissioners. Rather, there is an expectation that conversations are more likely to be open and beneficial, as opposed to the defensive and guarded nature of recent years,” she noted.

According to Wormhole Foundation’s general counsel, Trump’s plan listening to Paul Atkins leading the SEC is also a major boost for the industry.

Commenting on the general crypto sentiment around the SEC as Trump takes office, Cathy notes that the industry’s top priority is regulatory clarity.

“While new rules are being considered, the space may be able to rely on favorable relief for non-action or perhaps even a regulatory sandbox to allow projects to grow and become established without any coercive measures.”

Clear rules will promote the global adoption of crypto services and products, she concluded.

This bullish trend is affecting most cryptocurrencies, mainly after Donald Trump embraced cryptocurrency during his campaign. Notably, Trump has become a “Bitcoin President,” with his key promises to the ecosystem including promising to end the SEC’s war on crypto. His pro-crypto administration will include Elon Musk, Vivek Ramaswamy and Howard Lutnick.

Musk’s comments on crypto, particularly Bitcoin and Dogecoin, helped catalyze the market. Meanwhile, Trump’s pick for Commerce Secretary, Lutnick, is the chief executive of Cantor Fitzgerald. He is ready to leave the companybut declared during Bitcoin 2024 that he owned BTC.