Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

With a crypto-friendly president-elect and a Congress stacked with crypto supporters, the industry is getting closer to its ultimate goals.

This is Frances Yue, crypto reporter at MarketWatch. Crypto investors have been cheerful this week, as bitcoin has kept refreshing all-time highs and market participants are hopeful that the digital-asset sector will benefit from a more friendly regulatory environment after President-elect Donald Trump takes office.