Traders are optimistic about a more crypto-friendly regulatory environment under President-elect Trump, who is expected to focus on regulatory clarity rather than enforcement actions. A key task for Trump will be the potential ousting of SEC Chair Gary Gensler, with discussions around possible replacements, including Robinhood’s Dan Gallagher. The SEC’s director of enforcement role is critical, as the current acting director, Sanjay Wadhwa, is viewed as likely to maintain aggressive enforcement against the crypto sector. Meanwhile, the Republicans’ success in the Senate may benefit crypto interests, with potential for stablecoin legislation and improvements in the tax treatment of crypto assets. The demand for a de minimis exemption is highlighted as essential for the U.S. to lead globally in crypto. Overall, there's a sense that the regulatory landscape may shift significantly in favor of the crypto industry over the coming years, amid increasing openness from regulators to discuss digital asset policies.

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