Wall Street Sets Sights on Donald Trump’s Crypto Policies Amid Memecoin Frenzy
As Donald Trump, who claims to be the “crypto president,” begins his second term, the industry anticipates revolutionary changes in the US crypto ecosystem. Wall Street giants expect Trump’s crypto policies will facilitate easy crypto investments, benefitting behemoths like JPMorgan Chase & Co. and BlackRock Inc. However, financial firms fear the President’s TRUMP memecoin could have unintended consequences for his potential crypto policies.
While the TRUMP memecoin is grabbing headlines, Wall Street companies are shifting their focus to Donald Trump’s crypto policies. Leaders who once doubted the crypto industry, viewing it as plagued by scams and fraud, are now exploring opportunities in the space.
Wall Street Giants Exploring Crypto Opportunities
According to a Bloomberg report, Wall Street executives discussed potential opportunities in the crypto sector at the World Economic Forum 2025 in Davos, Switzerland. Jenny Johnson, the CEO of Franklin Templeton Investments, stated, “I think that the thing with the Trump administration is we’re going to start to see them converge more the Tradfi and the crypto, which is something that we need.”
However, Wall Street firms highlighted the significance of regulatory clarity, especially for the custody of crypto assets. State Street Corp CEO Ron O’Hanley stated that the potential changes in the accounting rules could make it easier for banks to hold cryptocurrencies.
This discussion comes following the increasing urge for crypto regulations amid the recent memecoin frenzy. Experts like John Deaton and Bill Morgan emphasized that urgent regulatory reforms are necessary, particularly in the uncharted territory of memecoins.
Financial Leaders Highlight Memecoin Controversy
At the meeting, financial companies posited that the recent memecoin spree has significantly impacted Trump’s crypto policies. This statement is particularly noteworthy given Trump’s silence on crypto matters on his initial day.
Notably, TD Cowen analyst Jaret Seiberg stated that the TRUMP memecoin’s wild ride could hinder efforts to pass digital-asset legislation through Congress. Seiberg added that the controversy surrounding the token could strengthen Democratic opposition, making it more challenging for lawmakers to reach a bipartisan agreement on the crypto market structure bill. The companies see it as as one of the major hindrances to their easy exploration of the crypto space.
Further, Seiberg narrated the potential implications of the memecoin’s price surge, stating,
Democrats are going to demand details on who bought the coins and what is responsible for the increase in price. They will be searching for indications that foreign governments, foreign businesses and domestic companies are using the coin to influence Trump’s decision-making.
TRUMP Token’s Market Volatility in Focus
Donald Trump’s TRUMP token created ripples in the crypto market with its sudden rise and subsequent fall. Within three hours of launch, the token reached $8 billion, boosting investor confidence.
After reaching a high of $73, the token dipped to a low of $31. However, over the past 24 hours, TRUMP has gained a notable 5.7%, currently trading at $44.28.
The post Wall Street Sets Sights on Donald Trump’s Crypto Policies Amid Memecoin Frenzy appeared first on CoinGape.
