Expert offers surprising take on Trump's crypto push
Here's how the crypto market may be impacted by President Trump's aggressive push into the space.
President Donald Trump is going all in on crypto. Since taking office in January, he has signed an executive order to promote the advancement of cryptocurrencies in the U.S. and even launched his very own meme coin.
Frank Speiser, CEO, Metafide, joined TheStreet to discuss how this might impact the broader crypto market.
Related: Veteran trader warns against MicroStrategy's Bitcoin play
Full Video Transcript Below:
CONWAY GITTENS: So part of this new era under Trump, right. He's launched a meme coin. His company is expanding into crypto. How are those things likely to impact the mainstreaming or the further mainstreaming of crypto?
FRANK SPEISER: Well, it is interesting when you think that we now have a DeFi founder as a president, if you look at it that way. And so I think that's somewhat of a of a signal to the market that they're going to allow, you know, decentralized finance and building on Ethereum and things like that to to continue to work in the market. However, the quality of that project remains to be seen, and the way that the token distribution is set remains to be seen. If that's going to work for the market. I wouldn't necessarily use that as the barometer for what is potentially, you know, coming to market. I think there's there's plenty of great projects that will, you know, will or will not pan out. But it's one of those things where it is a signal that the president himself views the market as somewhat a someone to partner with.
CONWAY GITTENS: Now, what's the risk here of there being too much closeness between the white house and the crypto industry, almost seemingly bypassing regulators?
FRANK SPEISER: I don't know that they're planning on bypassing regulators, to be honest with you. I don't have any inside signal to that. And I also think that it's It's no different than the president uses banking systems. The president, you know, has investments that go through investment banks, and he gets loans from investment banks. I think it's it's the same thing where you're using a piece of the financial apparatus to accomplish a goal. I don't necessarily think there's such thing as too close, but I think that everybody should be held accountable, be made to be honest and go about their business the right way. And so I don't think there's any room to do something in this system that you would try to avoid in the, in the old system or the legacy system.
CONWAY GITTENS: Right but there is an implied, I don't want to say bias, but there is an implied backing. Right? that's just just different from coming out and speaking at the podium. Right what's the risk that, you know, like people pile into this industry because they feel like, well, the president is in it and he has a meme coin. So it it gives like a perceived air of, of safety.
FRANK SPEISER: Sure yeah. So there needs to be people held to the rules and regulations, first of all. But also, I think when you look at, you know, the president entering the space. I think it's one of those things where it's a signal to the market that it's been somewhat hostile to operate in the space over the previous several years. And he's he's saying it's OK. I don't think what he's saying is I'm going to flout the rules of business and the and the regulations. And I do think, you know, the previous every president prior to this one has participated in the the financial markets in some, some degree or another. It is a little different than, say, a previous president, like if there was George w bush in the bond market or something like that. Like I think that would warrant a closer look. So I'm, I'm not suggesting in any way to look the other way or to take it easy, but I think that we should give this president a chance to see if he's going to do the right thing for the space.
