Trump’s New Approach to Cryptocurrency
As President-elect, Donald Trump is ready to make cryptocurrency a cornerstone of his policy agenda, with an executive order on the horizon, according to Bloomberg reports.
This new directive is likely to establish a crypto advisory council, which would aim to weave insights from industry players into the fabric of governmental policy.
This move represents a sharp departure from the strategies employed during President Joe Biden’s tenure, where over 100 legal actions were taken against various cryptocurrency firms.
High-profile investigations into companies like FTX and Binance were commonplace, alongside regulatory limitations that restricted banking access for crypto enterprises.
Potential Changes on the Horizon
The anticipated executive order would instruct all federal bodies to reevaluate their stance on digital assets.
It could also trigger a pause on legal actions against firms such as Ripple Labs and Binance.
Additionally, there might be plans to form a national Bitcoin reserve, potentially consolidating an estimated $20 billion in Bitcoin currently held by the U.S. government due to ongoing investigations.
Trump’s enthusiasm for cryptocurrency has been apparent throughout his latest presidential campaign.
His appearance at a Bitcoin conference in July underscored his goal of positioning the United States as a formidable leader in the crypto arena.
Adding to this narrative, his family’s involvement in the cryptocurrency sector is exemplified by their initiative, World Liberty Financial, which focuses on earning and lending opportunities tied to cryptocurrency.
The Growing Political Influence of Cryptocurrency
Even amid the regulatory challenges prevalent during Biden’s administration, the cryptocurrency market has continued its upward trajectory.
Major financial players, including BlackRock and BNY Mellon, have made significant strides into the market.
Last year, BlackRock launched spot Bitcoin and Ether exchange-traded funds, while Cantor Fitzgerald announced intentions to establish a Bitcoin financing project.
As cryptocurrency gains ground in political discussions, plans for an “Inaugural Crypto Ball” are in the works, designed to bolster Trump’s initiative.
This growing event highlights the rising importance of cryptocurrency within the political landscape of Washington, D.C.
Source: CryptoBriefing
