A crypto-friendly Trump Administration could pressure China into easing up on its digital asset hostility, according to the executive at a prominent Web3 firm.
Hashkey Group chief executive Xiao Feng says in a new interview with the South China Morning Post that he “firmly” believes the mainland China crypto market will open up eventually, particularly if incoming US president Donald Trump and the Republican Congress support digital assets.
“If the US Congress and the president make crypto policies clear, constantly legislate and promote the industry, it would certainly be a driving force for China to accept [crypto].”Â
HashKey Group is a Hong Kong-based Web3 infrastructure developer that reported a valuation of more than $1.2 billion in January.
The Chinese government banned initial coin offerings (ICOs) in 2017 and crypto trading and mining in 2021.
Feng tells SCMP that China could reopen its crypto market with regulated stablecoins.
“Stablecoins are currently the best solution for cross-border business-to-consumer trade.”Â
After expressing skepticism about Bitcoin (BTC) and crypto during his previous presidential term, Trump spent the past year on the campaign trail promising to protect and grow the digital asset sector.
At campaign events over the summer, he promised to fire Securities and Exchange Commission (SEC) Chair Gary Gensler on his first day in office and end policies that prevent crypto investors and companies from using digital assets.
He also said the US would stop selling its trove of seized Bitcoin on the open market and instead strategically hold the asset as an investment.
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