Trump's election victory fuels cryptocurrency market surge

Donald Trump's recent election victory has sparked a surge in the cryptocurrency market. His promise to remove SEC Chairman Gary Gensler, who has enforced strict regulations on crypto, has particularly excited investors. Many candidates he supported, including pro-crypto figures, won their races. Trump's administration is expected to adopt a more favorable stance towards cryptocurrencies, potentially shifting oversight from the SEC to the Commodity Futures Trading Commission. This change could lead to lighter regulations and improved access to banking services for crypto companies. The administration's plans include using seized cryptocurrencies to create a digital currency reserve. However, questions remain about the legality of removing Gensler before his term ends in 2026. Overall, the crypto sector anticipates a significant shift in regulatory attitudes under Trump's leadership.