Crypto U-turn for Donald Trump when Elected? Former SEC Chief Shares Insight

With Donald Trump gearing up for the 2024 presidential race, the crypto community is abuzz about the potential impact of his evolving views on cryptocurrencies. Once openly critical of bitcoin and crypto assets, the former president has recently dipped his toes into the crypto world, revealing an ether (ETH) holding of $2.8 million last August. This revelation followed Trump’s previous foray into the digital art space with his non-fungible token (NFT) collection.

John Reed Stark, the former head of internet enforcement at the U.S. Securities and Exchange Commission (SEC), commented on Trump’s changing stance. He mentioned on social media platform X:

“Crypto-voters might be one-issue voters and are a powerful and passionate constituency, so perhaps former President Trump will change his crypto-tune dramatically.”

Stark brings a wealth of experience to this observation. Now heading the cybersecurity firm John Reed Stark Consulting, he has served 15 years as an SEC enforcement attorney, including 11 years founding and leading the SEC Office of Internet Enforcement.

While Trump declared in 2019 that he was “not a fan of bitcoin or other cryptocurrencies,” Stark anticipates that Trump’s perspective could transform, especially considering the weight crypto-voters might hold in upcoming elections. Trump’s previous concerns centered on cryptos being “based on thin air” and their potential links to illegal ventures.

Expanding on potential policy shifts, Stark highlighted the crypto landscape’s future under a Republican president. He believes a Republican-appointed SEC chair might endorse a bitcoin exchange-traded fund (ETF) and even relax SEC scrutiny on crypto affairs.

Stark also spotlighted other significant potential changes for the crypto industry, including the possible resignation of the current SEC Chairman, Gary Gensler, and the potential appointment of “crypto mom” Hester Peirce as acting SEC Chair.