So the amazing run-up we've seen in many different cryptocurrencies, but namely Bitcoin over the last few months, has been on hopes of a Trump administration that is more lenient when it comes to regulations. That's the hope. Now the administration has to deliver.

What do you want to see? Yeah, you're absolutely right. You know, we even saw it yesterday with Trump at the New York Stock Exchange. He mentioned that he wants the United States to be the number one leader in cryptocurrency in the world. That's a very different narrative than

what we've seen in the last four years. We've also seen the Trump administration focus on this $150,000 Bitcoin price. And so we've seen, you know, markets respond to that. We've seen a lot of option call buyers with March 2025 expirations. And so really a lot of people, as you

mentioned, are kind of basing their expectation on a much more favorable administration. Now, that can have many subsets. We see Paul Atkins coming in as the SEC chairman and commissioner, and that is going to be very positive for centralized crypto companies.

We still need to see what that means for decentralized finance as well, especially as it pertains to KYC and sanctions. But overall, it really does mean that the narrative is front and center, and you're seeing the momentum in ETF inflows.

Does it seem like it could become the Wild West to you? We're very much hoping that we're actually going to get very clear guidelines, and I think that's one of the main pieces of also having a role

Within the White House, there's a focus on crypto.  David Sachs will be spearheading much of that.  What we're looking for is rules and regulations. He's invested in many of these companies.

Do you see a conflict of interest? He's invested in many of these companies, yet he'll advise the White House on creating rules around this?

That could be said of several administration advisors. However, everything still needs Congressional and state-level approval.

Many states are jumping in. Texas recently announced its intention to make Bitcoin a reserve currency. The US has also discussed it.

Several states are planning to do so.  I think the checks and balances at the state and federal levels will be significant, and we're eager to see how it plays out.

Andreessen Horowitz is a crypto policy lead. Brian Quinto is a top contender to lead the CFTC under President-elect Trump. What role do you see him playing in shaping crypto policy?

He's been pretty favorable in both what he said very publicly and also in the guidance he's given for many A16z companies. For example, Uniswap is one of the largest. That's a decentralized exchange platform.

It touches a number of users. And I think you'll see that many of these currencies will fall under the CFTC. The CFTC has given very clear guidelines, and so we're very excited to continue pushing in partnership with them. Are you concerned that there could be

clear winners and losers here, given that some venture capital firms have the president-elect's ear? Elon Musk has the president-elect's ear, but not everyone does. Are there going to be clear

winners and losers as a result of who has access? That's a very good question. And I think it still boils down to: what are the guidelines and rules? So if you pick, you know, a clear winner based on someone's relationship with a specific company or

their previous investments, it really depends on why. Is it a commodity? Is it a security?  We can then apply that guideline to many other winners as well. What happens if there is a meltdown akin to what we saw at the FTC

two years ago? In the coming years, if a large number of cryptocurrency holders get burned, maybe it's the result of a more lax regulatory environment. The whole idea with regulations is that they are supposed to be guardrails and

protect consumers. Does this whole thing backfire if consumers get burned? So my personal opinion, and I think that of the industry is that a lot of the things that happened with FTX were personal and people management issues and a lack of

operational back-end systems in order that you see both in traditional finance but also in centralized exchanges. That may be true, but it didn't happen in a vacuum. We saw the failure of a lot of crypto firms during that time and we saw the real depression of many crypto asset

prices. You can, I 100% agree. We also saw that in traditional finance with Archegos, for example, and that took down Credit Suisse. So it's not unique to crypto. These are still financial companies and they still require very clear guidelines

on operations, on people management, and on fund flows. And I think what we're going to get from this administration is exactly what that needs to look like in the United States. We can copy-paste that into these companies, and then we can, with that clear guideline,

That's the issue. Since we don't have clear guidelines, we don't really know how and where to operate. And that creates more confusion. Even with less regulation, as long as the guidelines are very clear, we can operate within those, hire the right

people, whether it's for compliance or, again, back-end operations and continue forward. What are you seeing on the August platform right now? Like what's the activity that you see that you can tell us about? Yes, our volumes have really spiked

tremendously. It's very, very exciting. You know, yields are spiking. And so we're seeing, for example, our clients get yields over 5% on Bitcoin and majors on basis. Right now we're seeing roughly 11% for majors, over 25% for some altcoins.

And then even for, for example, lending rates for stablecoins, the seven-day average is around 16%. So it's really attracting more capital on-chain. And we're excited to continue to see that.

Crypto's Continued Trump Momentum

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

트럼프 행정부 하에서 암호화폐에 대한 긍정적인 기대감

최근 암호화폐 가격 상승은 트럼프 행정부에서 규제가 완화될 것이라는 기대감에 힘입은 결과입니다.

미국이 암호화폐 분야를 선도하고자 하는 트럼프의 열망은 이전 행정부와는 다른 변화를 의미합니다.

시장 반응은 논의된 비트코인 가격 목표치 150,000달러와 관련 옵션 구매에 영향을 받습니다.

폴 앳킨스가 SEC 의장으로 임명된 것은 중앙화된 암호화폐 기업들에게 긍정적으로 받아들여지고 있습니다.

ETF 유입 증가는 새 행정부에서 암호화폐를 둘러싼 긍정적인 분위기를 반영합니다.

규제 및 정책에 대한 우려와 희망

와일드 웨스트 시나리오를 피하기 위해 명확한 규제 가이드라인이 필요합니다.

백악관에서 암호화폐에 중점을 두고 있는 데이비드 삭스의 역할은 암호화폐 회사에 대한 투자로 인한 잠재적 이해 상충에 대한 우려를 불러일으킵니다.

모든 암호화폐 정책 변경에는 의회 및 주 차원의 승인이 필요합니다.

텍사스를 포함한 여러 주에서 비트코인을 기축 통화로 고려하고 있습니다.

CFTC 리더로서 브라이언 퀸토의 잠재적 역할과 암호화폐 정책에 대한 그의 영향력에 대해 논의합니다.

새로운 규제 환경의 잠재적 승자와 패자

당선인과의 관계로 인해 특정 기업에 대한 편애가 발생할 수 있다는 우려.

승자와 패자를 결정하기 위한 명확한 가이드라인(상품 대 보안 분류)의 중요성.

FTX 폭락과 유사한 시장 붕괴 가능성과 느슨한 규제의 역할에 대한 우려.

FTX 붕괴는 단순히 규제의 실패가 아니라 관리 문제와 운영상의 결함에 기인합니다.

기존 금융과 마찬가지로 암호화폐 기업의 운영, 인력 관리, 자금 흐름에 대한 명확한 가이드라인이 필요합니다.

명확한 가이드라인이 없기 때문에 혼란이 발생하고 운영에 지장을 초래합니다.

8월 플랫폼의 거래량과 수익률이 크게 증가했습니다.

비트코인, 주요 암호화폐, 알트코인의 높은 수익률이 자본을 끌어모으고 있습니다.

스테이블코인에 대한 높은 대출 금리는 온체인 활동이 증가했음을 의미합니다.

Crypto's Continued Trump Momentum

Crypto's Continued Trump Momentum

스크립트