FRANCE – 2025/01/20: In this photo illustration, Trump Meme, Trump the Crypto president, is seen displayed on a smartphone screen. (Photo Illustration by Romain Doucelin/SOPA Images/LightRocket via Getty Images)
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Cryptocurrency firm bosses are optimistic about the changes of comprehensive federal rules for the industry passing this year now that Donald Trump, who is a backer of bitcoin, returned to the White House.
The CEOs of coinbaseBinance and Circle told CNBC they now see a clearer path toward securing some concrete rules on digital assets — unlike the previous US administration, which took aggressive enforcement action against several major crypto companies.
Coinbase’s Brian Armstrong said that he sees crypto entering the “dawn of a new day” with a Trump-led US administration.
“You have to remember: the last four years, we really felt like we were being attacked by this administration,” Armstrong told CNBC in a TV interview at the World Economic Forum’s annual event in Davos, Switzerland.
“They tried to weaponize the lack of clarity in the rules to really push back, even on the good actors,” Armstrong added. “There were some bad actors too, to be fair — but they even really tried to go after the good actors, I think, like us.”
Coinbase is the biggest crypto trading platform in the US The firm often touts itself as a regulated alternative to offshore exchanges, like Binance.
Regulatory clarity to boost sector
On Tuesday, the US Securities and Exchange Commission announced the launch of a “crypto task force” aimed at “developing a comprehensive and clear regulatory framework for crypto assets.”
The SEC panel will be tasked with developing a clear set of rules for the crypto sector, while also addressing issues regarding registration of coins, according to a statement from the agency.
Coinbase’s Armstrong said the current main priority for crypto as an industry is working to get legislation passed in the US to offer clarity.
“The industry is just ready for this new change,” he told CNBC. “They’re ready for clear rules. And that’s our big push.”
Richard Teng, CEO of Binance, highlighted token issuance, trading and asset management as some of the key things he’s expecting to see progress on in terms of crypto-specific legislation in the US.
Teng said he sees “much clearer regulation” happening in the US this year — and that this would be supportive for bitcoin and other digital assets.
“If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry,” Teng said in a CNBC-hosted fireside discussion in Davos, Switzerland.
Bitcoin, the world’s largest cryptocurrency, passed the $100,000 price milestone for the first time last year, as traders grew optimistic about the crypto industry’s prospects under a Trump administration.
As of Wednesday, the token was trading at a price of about $104,000, according to CoinGecko data.
US strategic bitcoin reserve
Binance’s Teng is also expecting the US to establish a strategic bitcoin reserve — something Trump suggested he’d do during his campaign.
Jeremy Allaire, CEO of Circle, said he believes “it would be prudent for central banks to hold some reserves in something like bitcoin,” adding this could cause a return to commodity-backed money.
“If we look back when we decoupled from non-sovereign commodity money, we really saw around the world incredible abuses through fiat and that goes on,” Allaire said. “The vast majority of governments in the world are significantly in debt.”
“It’s taken kind of open heart surgery, shock therapy, in a place like Argentina to get out of this vicious cycle. And I respect that this is an important topic for the US government now,” he added.
Trump has previously suggested that a US national bitcoin reserve could be underpinned by crypto assets seized from criminal operations, such as hackers and fraud rings.
Stablecoin laws expected
Along with a pro-crypto president, the US now also has senators and representatives who are supportive of the technology and want to put regulation in place — something that’s “absolutely appropriate,” Allaire stressed.
Allaire noted there are already “American champions” in the crypto space such as Circle, Coinbase and blockchain platform Solana. “I think under this new administration, we’ll see very likely rapid progress in rule making and policy making to advance this industry,” he said.
Circle’s CEO sees the US advancing legislation particularly around so-called stablecoins — digital tokens designed to be pegged to real-world assets like the dollar — given that there’s already bipartisan support in Congress for such tokens. Circle is behind usdcwhich is one of the largest stablecoins.
The Clarity for Payment Stablecoins Acta bill that seeks to establish a regulatory regime to license issuers of stablecoins, was working its way through Congress before last year’s election. It has yet to pass a House vote.
