Just a few months ago, Donald Trump appeared to be gearing up a very pro-crypto campaign for the next elections. He has reportedly made quite some promises–from the creation of a national Bitcoin reserve to ‘firing’ the current SEC Chair –that has received the nod from crypto joggers and other industry moguls. According to Bloomberg, Donald Trump’s crypto agenda is likely to place the US into centre stage in the issuance and usage of cryptocurrencies.
A Major Inflection Point for US Crypto Landscape
Donald Trump’s new embrace of cryptocurrencies is a stark departure from his past rhetoric on Bitcoin and other digital currencies. His most recent suggestions depict an America that favours cryptocurrencies, and the crypto fraternity waits to see whether these announcements will be acted out. Boris Bohrer-Bilowitzki, CEO of Concordium, a digital identity and regulation organization, stated, “Donald Trump’s triumph is an extraordinary victory of America’s political landscape and a super-positive signal to the states’ crypto and digital assets markets.”
During his campaign, Trump has laid out ten policies and objectives he says will spur innovation, growth and competitiveness in the global crypto market. Below, let’s focus on these promises and the effects they can have on the American crypto space.
Towards Building a Strategic Bitcoin Reserve
Donald Trump has promised to create a national Bitcoin fund, therefore declaring that such currency be retained by the government rather than sold. This reserve would act as a kind of financial security for the US economy and as a result may help to Pay Off the internal debt. He also notes that this would also put the US in a better standing than other countries with low Bitcoin stocks hence putting more value on the country.
Blocking a Central Bank Digital Currency (CBDC)
Against the formation of the US Central Bank Digital Currency (CBDC), Trump supports privacy enthusiasts who believe that controlled digital currencies undermine people’s rights to financial autonomy. Based on his campaign agenda, which he provided to The Block, banning a CBDC would preserve the American people’s right to privacy for their dollar holdings alongside preserving the country’s decentralization pledge.
Backing Bitcoin Miners In The United States
A lot of focus is being brought on Trump’s plan of making Bitcoin mining local. He paints a picture of a future where “all remaining Bitcoin is MADE IN AMERICA” which of course supports the American mining companies. Some believe that this may add to the nation’s crypto sovereignty and help develop affiliate industries.
Taking out SEC Chair Gary Gensler
One of Donald Trump’s main goals regarding crypto is to fire Gary Gensler as the Chair of the Securities and Exchange Commission (SEC). NRA’s conservative approach to regulating cryptocurrencies criticized Gensler as blocking technological progress. Current SEC commissioner Mark Uyeda, who has been supportive of cryptocurrencies, is said to be a favourite for Gensler’s position.
Transporting Ross Ulbricht’s Sentence
One of the most sensitive areas of Trump’s plans is to release Ross Ulbricht, the founder of Silk Road. The discussion of Ulbricht’s case continues within the crypto community to this day, with decentralization supporters considering his release a sign of the shift towards a less harsh approach towards crypto-related crime. Trump’s support of Ulbricht could be very positive for cryptos.
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How to Establish America as the Home of Crypto
In line with his “America First” vision statement, Donald Trump continues to work towards the realisation of the United States to be the “crypto capital of the world.” Bohrer-Bilowitzki says that such an objective may incite leading crypto brains worldwide and help the US stay ahead of rivals such as China. He said, “Trump’s autonomic idea of a nation that has given its unconditional approval to cryptocurrencies could spur progress in the blockchain fraternity.”
Ending Regulatory Pressures on Crypto
He has the plans of reversing what he calls the anti-crypto policies for which key influencers include Elizabeth Warren. Donald Trump’s campaign has argued that tweaking regulations to pare back state interference would create a climate conducive to startup development for the players in the crypto marketplace and rid the excess incentive for companies to relocate elsewhere.
Building Support for Crypto Startups
Through this, Donald Trump has vowed to reduce the regulatory “thorns” to let the crypto startups to thrive. His vision for these firms is to operate successfully in the first world country that is, the United States without having to relocate their operations to countries that offer more flexibility.
Sanctity of Private Custodian and Mining Privileges
During his campaign Donald Trump has stated that he will protect the rights of the American people to mine and own digital currency as they please. He said that this way, it will preserve financial independence of the person and correlates with the principles of the decentralized economy. In turn, many crypto Bulldogs view this as a move that would enable people control in the new world of virtualisation.
Creating a Bitcoin and Crypto Advisory Council
Last but not least, Donald Trump plans to create a Bitcoin and crypto advisory council to integrate within the first 100 days of his administration. Such a council would consist of professionals in the industry who want to work towards creating effective and open legislation that can support responsible cannabis businesses. The council’s purpose would be to establish best practices of development that would guarantee the sustainable growth of the crypto industry while maintaining American dominance.
A Long Road Ahead for Donald Trump’s Crypto Vision
Although Donald Trump’s crypto promises have delighted those in their camps, there are many political and regulatory barriers in the way. If these proposals are to be implemented, then it shall be very challenging as it will meet a number of political challenges, including leading politicians and other institutions. Currently, cryptocurrency enthusiasts only wait interestedly as the circumstance in Trump’s campaign develops.
As Bohrer-Bilowitzki aptly puts it “If Trump’s crypto policies come to life, they could be a game changer for the industry.” Though, there are no issues with the roadmap, the process of execution is going to be quite challenging.
Donald Trump’s agenda has brought a new level of expectation into the US crypto space that enthusiasts believe just might bring the promised change that could propel the US to new heights of crypto innovation. Whether these promises turn into reality remains to be seen, but one thing is clear: The crypto world will be observing it very closely step by step. Keep following TheBITJournal and keep an eye on Donald Trump next crypto move.
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