Crypto traders rejoice at regulatory “clarity” under Trump: Robinhood

Bitcoin (BTC-USD) rose above $99,000 in the early hours of Friday as the cryptocurrency approaches a $100,000 milestone in its post-2024 election rally. Crypto traders have become even more optimistic about Securities and Exchange Commission (SEC) Chairman Gary Gensler’s plans to step down in January and what that could mean for crypto regulation under a second Trump administration.

“At this point we are looking for something to work with because we know how to work with regulators. And so a company like Robinhood (HOOD) is already regulated by the SEC and by FINRA (Financial Industry Regulatory Authority) by the New York DFS (Department of Financial Services, we have a BitLicense), explains Robinhood Crypto Vice President and General Manager Johann Kerbrat in Yahoo Finance’s Morning Brief.

“If we have this clear framework, where it’s not just about regulation through enforcement, we can make it work and we can safely offer cryptocurrencies to customers.”

Kerbrat tells hosts Seana Smith and Brad Smith that investors seem more “enthusiastic” about entering the crypto market due to the regulatory “clarity” expected from President-elect Donald Trump and officials under him.

For more expert insights and analysis on the latest market activity, read the Morning Brief here.

This post was written by Luke Carberry Mogan.