Bitcoin (BTC-USD) surges to a record high on Wednesday after former President Donald Trump won the presidential election, securing a second term in the White House. Trump has appealed to crypto traders during his campaign, attending a bitcoin conference and promising to appoint a crypto advisory council and replace Securities and Exchange Commission Chair Gary Gensler. Blockworks co-founder Jason Yanowitz sits down with Wealth! Host Brad Smith to discuss what a Trump victory means for the crypto industry.

"From an investor perspective, I mean, the market has responded well," Yanowitz says, nodding to bitcoin's fresh record high. He adds, "Zooming out on a longer-term time horizon, the most important thing that the industry has been requesting from founders like myself inside of the industry is more clear regulations and more clear guidance on how to actually build a crypto company in the United States. And that's, I think, the thing that I'm the most optimistic about."

Yanowitz tells Yahoo Finance, "I think the SEC chair definitely needs to change," noting, "I think it's important about the specific SEC chair and more about the things that they will do" regarding crypto regulation.

For more on Yanowitz's outlook on the crypto industry under Trump, watch the video above.

This post was written by Naomi Buchanan.