While the US has adopted a friendly stance toward digital assets in recent months, one pundit warns that the industry could face significant backlash at the end of Donald Trump’s tenure as US President. However, the expert proposed a solution to keep cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano, Solana, Dogecoin relevant in the US without Trump at the helm.
Cryptocurrencies Need To Prove Themselves Before Trump Leaves Office
Etherealize co-founder Danny Ryan has issued a dire warning to the cryptoverse, noting that the industry may face major upheavals if Donald Trump leaves office as US President. Ryan shared his thoughts in an interview, pointing out that a new administration may carry out a vendetta against Trump’s regime, dismantling the progress made by the cryptocurrency sector.
According to Ryan, Trump’s personal stake in cryptocurrency entities has angered several members of the opposition party, setting the stage for a potential industry crackdown in the near future.
While the spectre of a witch hunt looms over the industry, Ryan proposed a solution to ensure cryptocurrencies exist beyond Trump’s administration. Right off the bat, he argued that the industry should make seismic progress in the shortest possible timeframe to ensure long-term survival.
Ryan’s solution involves onboarding financial institutions and global capital to Web3, making the sector indispensable. He urged sector players to accelerate efforts to transform the industry into “critical infrastructure,” equating it to the internet.
“We can get into a position where we can show the fundamental value to the world,” said Ryan. “It will be critical infrastructure.”
For Ryan, if cryptocurrencies prove themselves, a new administration that aims to support the industry will not derail the industry’s progress. At best, it will be a resculpting, “rather than like making it disappear entirely.”
Significant Progress In Under A Year
Since the start of the Trump administration, cryptocurrencies have undergone a resurgence in the US. Early in the year, the US Securities and Exchange Commission (SEC) shut down a series of cases against cryptocurrency service providers while making efforts to provide regulatory clarity.
Furthermore, Trump’s declaration to make the US the crypto capital of the world attracted renewed interest. The passage of the GENIUS Act, which provides a clear blueprint for stablecoins and their issuers, capped off the administration’s efforts to make cryptocurrencies mainstream in the US.
Despite legal and regulatory clarity, Trump’s launch of a memecoin and family investment in World Liberty Financial has triggered a wave of criticisms. Several sources indicate that the Trump family may have netted well over $1 billion from their cryptocurrency investments, to the chagrin of critics.
Source: https://zycrypto.com/expert-says-bitcoin-ether-xrp-solana-cardano-may-face-existential-crisis-if-trump-leaves-office/
