ome experts have opined that an America under Trump’s leadership could go a long way influencing the Chinese approach to crypto-assets; Hashkey Group CEO Xiao Feng is no exception. This perspective comes as Trump makes cryptocurrency regulation a priority campaign topic for 2024.
Trump's Proposed Changes
The former president has promised to fire SEC Chair Gary Gensler and reverse adverse restrictive crypto policies. These are measures of containing the purchasing of grasped government digital money, which shows an enormous change in the US crypto strategy.
China's Potential Shift
Although Chinese authorities have prohibited crypto trading and mining in 2021, Feng opined that the same may reverse in the United States due to clear regulations. He especially speaks to the use of stablecoins to support cross-border payments and trade, provided that the market cap would hit $165 billion by mid-2024.
Global Impact
An emerging trend of stablecoins especially in the developing economies is a clear indication that stable coins are becoming more and more accepted in the mainstream market. This makes stablecoins to be an essential part of international financial transactions as the number of monthly active addresses hits 20 million.
Trump's Crypto Policy Reshapes Regs
Future changes to the US policy on cryptocurrencies under Trump may trigger changes in the regulation of cryptocurrencies all over the world, which may apply pressure on China to reconsider its position on cryptocurrencies, including through the use of stablecoins.
