Trump administration may relax regulation of blockchain and Bitcoin

Donald Trump’s election as US President has shaken up the US political landscape, but what does this mean for blockchain policy?

Although Trump and his campaign did not mention FinTech during the election, the future US president will eventually sign legislation related to Bitcoin and blockchain technology.

However, Trump has expressed support for repealing Dodd-Frank, the financial reform law, which, if successful, would abolish the Consumer Financial Protection Bureau and any developing Bitcoin regulations.

What impact the new US president’s inauguration will have on the Bitcoin and blockchain industries remains an unknown at this point.

Coin Center and the Chamber of Digital Commerce, two major public policy organizations on digital currency technology, said they intend to continue working with the new U.S. administration.

In the view of Perianne Boring, president of the Chamber of Digital Commerce, Trump’s successful election as US president may be good news for digital currency technology. He believes that Trump will avoid "excessive or unnecessary regulation."

Boring told reporters:

“The Trump administration is likely to provide a sensible regulatory environment that allows the blockchain and digital asset sectors to fully realize their amazing potential.”

Low Priority

At least one observer said it was unlikely that the Trump administration would prioritize bitcoin or blockchain legislation or regulation anyway.

Carol Van Cleef, a former partner at Manatt, Phelps & Phillips who has joined blockchain firm BakerHostetler, said:

"I guess the most important thing for Trump right now is repealing ObamaCare, Dodd-Frank and other policies."

Van Cleef went on to speculate that Republicans may avoid taking significant action on blockchain or financial technology regulation, opting instead to let states fill the gap.

"We cannot ignore the fact that the United States still plays a very important role in this area and the likelihood of it taking action is very low," she said.