Trump’s Overtures to US Crypto Sector Put Global Hubs on Alert

Aspiring crypto hubs including Hong Kong, Singapore and Dubai face a more challenging outlook as a brightening US political backdrop for digital assets attracts the attention of companies and investors.

Despite this month’s selloff in crypto markets, optimism in the industry remains high that the regulatory tide is turning in the US. Republican presidential candidate Donald Trump is courting the sector in search of donations and votes, pledging to make the US the “crypto capital of the planet” in part by firing Securities and Exchange Commission Chair Gary Gensler, who cracked down on digital-asset firms for flouting rules.