Emily Walker
In an interview with CNBC’s Dan Murphy, Eric Trump, the second son of Donald Trump, mentioned anticipated improvements in US cryptocurrency regulations, stating, “Hopefully, the rest of the world follows suit.”
He shared his views alongside Hester Pierce, a US SEC Commissioner, who recently highlighted three key areas that the new SEC leadership should address to foster a more favorable environment for the cryptocurrency sector.
Eric emphasized that more equitable and clear regulations could create opportunities for innovation and support smaller businesses, as illustrated by the meme coin project Wall Street Pepe (WEPE).
Eric Trump Critiques Traditional Banking
In his discussion with Murphy, Eric Trump raised concerns about the inefficiencies of the existing banking system, pointing out the lengthy approval process for home loans in the US as a significant issue.
He noted, “If you want to secure a home loan in America, it takes 90 days—by then, the house is already gone, and your dream fades away.”
Eric argued that blockchain technology could remedy these challenges in the US crypto landscape, stating, “Nothing on blockchain can’t be accomplished better, faster, and more affordably, without all the paperwork.”
He also mentioned his father’s pressing need to leverage Web3 technologies, potentially with the assistance of Elon Musk, to keep the US competitive in the tech race.
While regulations under Gary Gensler have been quite strict, they are expected to ease after he resigns on January 20, coinciding with Donald Trump’s anticipated return to the White House, likely due to their differing perspectives on crypto.
A Strategic Approach for a Flourishing Crypto Environment
Fox Business reporter Eleanor Terrett recently tweeted about Pierce’s three proposals for the new SEC under Trump to enhance US crypto regulations.
- “Eliminate the restrictive approach of government regulation that inhibits crypto from accessing necessary services like custody.”
- “Clarify which aspects do not fall under the SEC’s jurisdiction, defining what isn’t considered a security.”
- “Collaborate with crypto entities to clarify current regulations and propose necessary adjustments, allowing public participation.”
Although the SEC aims to protect investors and enforce securities laws, it has faced criticism for obstructing innovation based on multiple lawsuits against Web3 companies.
Prominent platforms including Binance, Ripple, OpenSea, Immutable, and Coinbase have been accused of securities violations, yet the SEC has drawn fire for its ambiguous securities framework, which it has acknowledged has caused confusion.
Broader Crypto Challenges Beyond the SEC
The US cryptocurrency sector confronts issues that extend beyond SEC regulations, with market manipulations by whale buyers being a central concern. These large investors often influence prices and contribute to market volatility.
The project WEPE aims to stabilize the cryptocurrency market by educating token buyers and reinforcing a strong community to counteract the dominance of crypto whales.
This initiative seems set to emulate the success of Pepe Unchained (PEPU), which raised over $73 million during its presale, benefiting from its lightning-fast Layer-2 network that seamlessly bridges transactions between ETH and Pepe Unchained.
Unlike Pepe, WEPE and PEPU emphasize substantial utility models that ease user navigation within the blockchain space.
Trump’s Return Promises Transparency in Web3
As highlighted by Eric Trump and Hester Pierce, the upcoming shifts in US cryptocurrency regulations following Trump’s potential presidency suggest an environment that favors innovation.
This marks a clear departure from the stringent measures of the Gensler era, promoting equity and transparency while encouraging technological progress.
However, it’s important to remember that this is not financial advice; it’s vital to conduct your own research before investing in cryptocurrencies. Projects like WEPE can assist by offering valuable trading insights and building a supportive community that helps mitigate the impact of whale buying on market stability.