Speaking to CNBC’s Dan Murphy yesterday, Eric Trump (Donald Trump’s second son) announced that there will be clear US crypto regulations: ‘Hopefully, the rest of the world follows.’
He shared his views with Hester Pierce (USSEC Commissioner), who recently outlined three key points that the new SEC leadership should focus on for a thriving crypto industry.
Correct and clear rules can balance the innovation platform and small companies, as the meme coin project Wall Street Pepe (WEPE) also highlights.
Eric Trump Says Crypto Can Overcome Traditional Banks
During his interview with Murphy, Eric Trump expressed his concern about the inefficiency of the current banking system. He highlighted the long wait times for mortgages in the US as an example.
If you live in America, you want to go out and get a mortgage, it takes you 90 days. you are sold, you know your dream is over,’ he said.
Eric suggested that blockchain technology could overcome such issues in the US crypto sector, saying, ‘There is nothing in blockchain that can be done better, faster, cheaper, and without pushing paper.’
He then discussed his father’s urgency in using Web3 technology – with the help of Elon Musk – to prevent the US from being ‘left behind.’
US crypto regulations have been tight under Gary Gensler. However, they are ready to loosen up when he steps down on January 20 (the same day Donald Trump returns to the White House, possibly due to their dissent and fear of getting the boot).
3-Step Plan for a Thriving US Crypto Scene
Fox Business reporter Eleanor Terrett recently in a tweet that Pierce described three critical actions of the new SEC under Trump to improve US crypto regulations.
- ‘What a stifling aspect of government law. The first step is to stop this method of trying to prevent crypto from accessing the services it needs – storage, for example – moving forward.’
- ‘Give clear what things are not within the SEC’s ambit, so what things are not securities and people don’t have to think about the SEC’s regulatory framework.’
- ‘Work with organizations involved in crypto to try to find out how the existing rules work and where corrections need to be made. And that requires group exercise. It must be done in the community so that everyone can participate in it. And I think we can get to a good place to do that relatively quickly.’
Although the SEC’s role is to protect investors and enforce securities law, regulators have come under scrutiny for stifling innovation following several lawsuits against Web3 companies.
Binance, Ripple, OpenSea, Immutable, and Coinbase have each been accused of securities violations. However, the SEC has faced backlash over its unclear securities framework, with regulators even admitting they ‘regret any confusion’ about it.
Blockchain Woes Expand Outside the SEC
Notably, the US crypto industry has been frustrated by more than just the SEC’s crypto regulations. Other big the issue of whale buyers. Because they have a large amount of crypto, they tend to manipulate prices and cause volatility.
The meme coin project WEPE aims to stabilize the crypto market by providing token buyers with information to make more informed decisions and creating a strong community that crosses crypto whales.
It is poised to follow the success of Pepe Unchained’s (PEPU), which raised over $73M in pre-sales. This it is thanks to its Layer-2 network that is 100 times faster than Ethereum and provides a fast connection between ETH and Pepe Unchained.
Both WEPE and PEPU build on the success of Pepe, a popular meme coin with its changed to +1488%. in 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 noted by Eric Trump and Pierce, the upcoming changes in US crypto laws following Trump’s return to the presidency reflect the new landscape of America.
It marks a significant shift in strict enforcement under Gensler that will promote fairness and transparency while promoting technological advancements.
However, this is not financial advice, and it remains important to DYOR when investing in cryptocurrencies. This is where WEPE can help, providing you with solid trading information and a thriving community that provides insight into the wider market, preventing whale buyers from causing volatility.