Key takeaways
- Trump has promised a series of actions for the crypto industry, and many are waiting to see if these 10 promises come to fruition once he takes office.
- Trump plans to fire Gensler from the SEC, free Ross Ulbricht and make the US a crypto hub.
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Throughout his campaign, Trump promised several initiatives aimed at supporting the crypto industry, marking a significant shift from his previous skepticism toward Bitcoin.
Trump’s crypto promises have sparked excitement within the industry.
Boris Bohrer-Bilowitzki, CEO of Concordium, a leader in digital identity and regulation, remarked:
“Trump’s victory is not only a historic moment in American politics, but also extremely positive news for the country’s crypto and digital asset sectors.”
As Trump’s presidency unfolds, the crypto world will be closely watching to see whether these ambitious promises materialize into policies that could reshape the US crypto landscape.
Trump’s 10 key crypto promises
1. Establish a strategic Bitcoin reserve
Trump plans to create a national Bitcoin reserve by requiring law enforcement to hold seized BTC rather than selling it at auction. This reserve would constitute a strategic asset aimed at supporting the American economy and helping to reduce the national debt.
2. Preventing a Central Bank Digital Currency (CBDC)
Trump has pledged to end any effort to establish a US CBDC, aligning himself with privacy advocates who view government-controlled digital currencies as a threat to personal financial freedom.
3. Support for US-based Bitcoin mining
Trump wants “all remaining Bitcoin to be MADE IN THE USA,” signaling strong support for domestic Bitcoin mining.
4. Removal of SEC Chairman Gary Gensler
Trump has vowed to remove Gary Gensler as SEC chairman, criticizing his tough stance on crypto regulation. Mark Uyeda, a known critic of Gensler’s policies, is a favored candidate to replace him.
5. Ross Ulbricht’s sentence commuted
Trump promised to commute the sentence of Ross Ulbricht, founder of the Silk Road market. Ulbricht’s life sentence for operating the site has been a point of contention, and his release would be seen as a pro-crypto statement.
6. Make the United States a global leader in crypto
Trump views the United States as the “crypto capital of the world,” a position that Bohrer-Bilowitzki sees as a major advantage, predicting that it will attract global innovators and allow the United States to leapfrog competitors like China.
Bohrer-Bilowitzki also noted that Musk’s involvement in the Trump administration can only be seen as a win for the industry, as Musk’s influence would likely support pro-crypto policies and strengthen the competitive advantage of UNITED STATES.
7. End Regulatory Pressures on Crypto
Trump aims to reverse the anti-crypto stance led by figures like Sen. Elizabeth Warren, who has built a coalition focused on national security concerns around digital assets. Trump’s lighter regulatory approach, as Bohrer-Bilowitzki predicts, could foster the growth of startups, creating an environment for crypto companies to innovate freely.
8. Encourage the growth of crypto startups
By reducing regulatory burdens, Trump aims to foster a favorable environment for crypto startups, allowing innovative companies to thrive in the United States rather than setting up shop abroad.
9. Promote private custody and mining rights
Trump has promised to protect the rights of Americans to privately mine and store their crypto assets, a policy seen as promoting individual financial autonomy.
10. Creating a Bitcoin and Crypto Advisory Board
Trump plans to form a Bitcoin and crypto advisory council within his first 100 days. This council, made up of industry experts favorable to digital assets, would be responsible for designing a transparent regulatory framework to foster growth and innovation.
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