Speaking to CNBC’s Dan Murphy yesterday, Eric Trump (Donald Trump’s second son) announced there’ll be clearer US crypto regulations: ‘Hopefully, the rest of the world follows.’
He conveyed his opinions in conjunction with Hester Pierce (US SEC Commissioner), who recently outlined three significant points that the SEC’s new leadership should focus on for a more favorable crypto industry.
Fairer and clearer regulations would level the playing field for innovation and smaller companies, as the meme coin project Wall Street Pepe (WEPE) also highlights.
Eric Trump Says Crypto Can Override Traditional Banks
During an interview with Murphy, Eric Trump expressed his concern about the ineptness of the current banking system. He highlighted the long waiting times for home loans in the US as an example.
‘If you live in America, you want to go out and get a home loan, it takes you 90 days, how the hell does it take you 90 days to get a home loan, by then, by the way, the house is already sold, you know your dream is gone,’ he said.
Eric suggested that blockchain technology can override such issues in the US crypto sector, saying, ‘There is nothing on blockchain that can’t be done better, faster, substantially cheaper, and without pushing paper.’
He then discussed his father’s urgency in utilizing Web3 tech – with Elon Musk’s help – to prevent the US from being ‘left behind.’
US crypto regulations have been stringent under Gary Gensler. However, they’re poised to loosen when he steps down on January 20 (the same day Donald Trump returns to the White House, likely owing to their contrasting viewpoints and fears of getting the boot).
A 3-Step Plan for a Thriving US Crypto Scene
Fox Business reporter Eleanor Terrett recently tweeted that Pierce has outlined three critical actions for the new SEC under Trump to improve US crypto regulations.
- ‘Stop the chokepoint aspect of government regulation. Step one is to stop this approach of trying to prevent crypto from getting access to the services that it needs — custody, for example — to move forward.’
- ‘Provide clarity around which things are not within the SEC’s ambit, so which things are not securities and which people don’t have to think about the SEC’s regulatory framework.’
- ‘Work with entities involved in crypto to try to figure out how the existing rules apply and where adjustments need to be made. And that needs to be a group exercise. It needs to be done in the public so that everyone can participate in it. And I think we can get to a good place to do that relatively quickly.’
While the SEC’s role is to protect investors and enforce securities law, the regulators have been scrutinized for hindering innovation following numerous lawsuits against Web3 companies.
Binance, Ripple, OpenSea, Immutable, and Coinbase have each been accused of violating securities law. However, the SEC has faced backlash over its unclear securities framework, which the regulators even admitted it ‘regrets any confusion’ over.
Blockchain Woes Extend Beyond the SEC
Notably, the US crypto industry has been discouraged by more than just the SEC’s crypto rules. Another major issue is whale buyers. Because they hold a significant amount of crypto, they often manipulate prices and cause volatility.
The meme coin project WEPE aims to stabilize the crypto market by offering token buyers insights to make more informed decisions and creating a strong community that overrides crypto whales.
It’s poised to follow Pepe Unchained’s (PEPU) success, which has raised over $73M on presale. This is due to its very own Layer-2 network that’s 100x faster than Ethereum and offers instant bridging between ETH and Pepe Unchained.
Both WEPE and PEPU build on the success of Pepe, a popular meme coin whose volume has spiked by 1488%+ over the past year. Unlike Pepe, however, they offer robust utility models that help token buyers navigate the blockchain industry with ease.
Trump’s Presidency Signals Web3 Transparency
As spotlighted by Eric Trump and Pierce, the upcoming changes to US crypto regulations following Trump’s presidential return reflect a more innovative environment for America.
It indicates a significant shift from strict enforcement under Gensler that will promote fairness and transparency while stimulating technological advancements.
Still, this isn’t financial advice, and it remains crucial to DYOR when investing in cryptocurrencies. This is where WEPE can help, providing you with robust trading insights and a thriving community that gives insight into the broader market, preventing whale buyers from causing volatility.