Coinbase (COIN) Stock Jumps 31% as Trump Presidency Promises Friendlier Crypto Regulation
- Susan SarandonOriginal
- 2024-11-07 22:10:18609browse
Among measures that could support the sector would be instating a crypto-friendly SEC commissioner. Current chair Gary Gensler has a reputation in the industry for being a strict regulator of crypto businesses, having slapped multi-million dollar fines on multiple businesses for violations of securities law.
Coinbase (COIN) stock price jumped more than 31% in value on Wednesday, buoyed by optimism that the incoming presidency of Donald Trump would herald friendlier regulation for the digital asset industry.
Among the measures that could support the sector would be the instating of a crypto-friendly SEC commissioner. Current chair Gary Gensler has a reputation in the industry for being a strict regulator of crypto businesses, having slapped multi-million dollar fines on multiple businesses for violations of securities law.
Trump has been a vocal advocate of crypto on the campaign trail, having spoken at a bitcoin conference in the run-up to the election.
Meanwhile, crypto money has been pouring into politics from the likes of Coinbase and Silicon Valley venture fund Andreessen Horowitz via PACs. Earlier this week it was revealed the pro-crypto super PAC Fairshake has already raised $78m (£60.5m) for the 2026 midterms.
Coinbase's share price is up 185% from the same point a year ago.
Bitcoin (BTC-USD) also jumped against the dollar, heading to all-time highs of almost $76,600.
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