The wheels have been set in motion for Donald Trump's plan to turn America into “Crypto capital of the planet” after returning to the White House.
in one executive order Signed on Thursday, Trump established a “digital asset markets working group,” which will be responsible for considering the possibility of the United States forming a “national digital asset reserve strategy”, among other things.
The promise to establish a reserve was one of many commitments made by Trump to the cryptocurrency industry before his re-election. Although the idea confused economistit gets one warm welcome among bitcoin players. EQUAL Rumors of an impending announcement spread on Thursday, the price of bitcoin has increased to $105,000 per coinjust shy of the record high.
The order also requires the working group — which includes leaders of multiple government agencies, financial regulators and attorneys general — to come up with an appropriate set of regulations and laws governing the use of cryptocurrencies.
Earlier this week, on the second day of Mr. Trump's inauguration, the Securities and Exchange Commission (SEC) – the US regulatory agency – made a decision series of lawsuits against crypto companies under the Joe Biden administration—establish a “cryptocurrency task force”. Under new leadership after the departure of former president Gary Gensler, who was supported by many people possessed by demons in the world of cryptographyThe SEC will develop a “comprehensive and clear regulatory framework for crypto assets,” the agency said.
Later the same day, Trump be lenient to Ross Ulbricht, who is serving a life sentence for crimes committed while running the notorious darknet marketplace Silk Road, one of the first websites to accept bitcoin as a form of payment. After his arrest in 2013, Ulbricht became a martyr in the crypto world for helping spread the gospel of bitcoin.
These initial gestures signal Trump's willingness to follow through previous campaign promise: passed many laws related to cryptocurrencies, reformed the financial regulatory apparatus in the United States and introduced cryptocurrencies into the US national treasury. Crypto figures believe the effects will be far-reaching, reverberating far beyond US shores and facilitating a new golden era for the industry.
“Our technology is powerful and transformative. We need to bring it to different societies,” said Joseph Lubin, co-founder of Ethereum and chief executive officer of software company Consensys. “And America sets the standard for the rest of the world.”
Despite previously calling bitcoin a “fraud,” Trump now has Extensive relationships with the cryptocurrency industryincluding many high-ranking members came to support about his re-election campaign.
Ahead of the 2024 election, crypto institutions donated hundreds of millions of dollars to crypto-focused hyper-political action committees, which have spent money to support crypto-friendly congressional candidates, many of them Republican.
On the campaign trail, Trump began claiming to be the first “cryptocurrency president.” In July, before one enthusiastic crowd of bitcoin playersTrump promised to turn the US into a cryptocurrency mining power and establish a national bitcoin reserve if re-elected. In that same speech, he pledged to fire Gensler, the SEC chairman, sparking the wildest applause of the night.