FX168 Financial News Agency (North America) - On Saturday, September 28th, the financial website TheStreet reported that as the crypto industry prepares for the 2024 election, more and more viewpoints believe that the victory of former President Donald Trump may be beneficial for Bitcoin and the broader digital assets sector.

Gary Gensler, the SEC Chairman of the Biden administration, is often seen as an obstacle to crypto innovation, so many in the industry hope for a change in policy. However, Caitlin Long, CEO of Custodia Bank, does not necessarily believe that changing presidents alone can solve the problems many people hope for.

"In his first term, Treasury Secretary [Steve] Mnuchin was very opposed to cryptocurrency," Long explained in a recent Coinage interview. She emphasized the importance of appointments like the Treasury Secretary in shaping the regulatory landscape for cryptocurrencies. "Who President Trump appoints as Treasury Secretary is very important because that will drive decisions. Many policies are set by the Treasury Department, as the Treasury Department includes the IRS, OCC, and FinCEN."

According to Long, the rumored choice of JPMorgan CEO Jamie Dimon by Trump has raised doubts among some. Long pointed out, "What do you think Jamie Dimon would do? Would he help any small startups? No. He likes big banks," highlighting a possible disconnect between the hopes of crypto enthusiasts and the reality of traditional finance.

Trump's potential cabinet picks reveal a broader debate within the crypto community: the divide between Wall Street-driven crypto adoption and the philosophy of decentralization. As Long stated, "A true split has emerged within the Bitcoin community, one side being pro-Wall Street, 'wow, the numbers are up, we are just here to trade,' and the other being those committed to decentralization philosophically."

Interestingly, Trump's transition team has already reflected this division. On one hand, there is Howard Lutnick, CEO of Cantor Fitzgerald, who has become a major player in the crypto space due to the company's involvement in holding tens of billions of dollars in Tether treasury assets. On the other hand, there is former congresswoman Tulsi Gabbard. Long noted that seeing both figures on board is encouraging, but their approaches form a sharp contrast.

"They both support cryptocurrencies, which is good. One is truly dedicated to decentralization. The other is a CEO of a major [brokerage firm] on Wall Street."

Long believes that the broader concern is that, despite Trump's rhetoric sounding supportive of cryptocurrencies, who he appoints and how they shape the details of regulation will be more important than any pro-crypto voices. Of course, President Trump's pledge to make the United States the 'crypto capital of the world' at the Bitcoin Nashville event has drawn a lot of attention.

As the crypto industry looks ahead to the 2024 election, the question remains: will Trump's return be seen as a panacea for many in the crypto community, or will it only strengthen the traditional financial players at the expense of smaller, more innovative projects?

For Long, the answer depends on one thing: who makes the decisions.