- Donald Trump secured victory in the US Presidential election by advocating a robust pro-cryptocurrency position, vowing to implement significant policy reforms.
- He intends to cease actions against cryptocurrencies, terminate the enforcement measures of the SEC, and investigate innovative applications for cryptocurrency within the national financial system.
- Trump’s agenda in support of cryptocurrency encompasses the dismissal of SEC Chair Gary Gensler and the potential granting of clemency to Ross Ulbricht.
Donald Trump achieved a decisive victory in the United States Presidential election and is set to take office in January. Throughout his campaign, he positioned himself as a pro-cryptocurrency candidate, and with his election, he is now in a position to implement significant and more favorable policies regarding the digital currency sector.
His administration is expected to prioritize the cessation of restrictive measures imposed by federal regulators and lawmakers on the cryptocurrency market. Additionally, Trump aims to introduce comprehensive legislation that will support and enhance the growth of the industry.
In a surprising turn of events, Donald Trump exceeded expectations in the 2024 U.S. Presidential election, securing a decisive victory. Pre-election polls had indicated a close race, but Trump made impressive gains across much of the country. With crypto advocacy as a key focus of his campaign, the industry now needs to evaluate the potential advantages of his triumph.
President Trump articulated numerous campaign commitments favoring cryptocurrency, with a particular emphasis on Bitcoin. He pledged to establish a Bitcoin reserve and to prevent any efforts to divest the United States government’s cryptocurrency assets.
Nevertheless, he criticized the idea of endorsing an official central bank digital currency (CBDC) known as a “digital dollar.” This suggests that his attention will be directed more towards the current landscape of cryptocurrency assets rather than the establishment of a government-backed digital currency.
Beyond this stance, his commitments have largely encompassed the wider cryptocurrency sector. In August, he expressed his intention to transform the United States into a “crypto capital” by proposing a range of more favorable regulations. A key element of this new approach is his declaration made at the Bitcoin Conference in Nashville, where he promised to dismiss SEC Chair Gary Gensler. This commitment was met with enthusiastic applause, indicating a strong likelihood of its realization.
“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler!” Trump claimed in July, reacting to the crowd’s outsized approval.
A New Legal Framework for Crypto
Upon Gensler’s departure from office, Trump intends to implement a range of constructive policies regarding cryptocurrency. His primary commitment is to halt the Securities and Exchange Commission, along with other regulatory bodies, from persisting in their aggressive actions against exchanges and related enterprises. Additionally, the defeat of several adversaries of cryptocurrency in recent elections is expected to mitigate the progress of unfavorable legislative measures.
In a significant gesture aimed at alleviating tensions surrounding cryptocurrency, Donald Trump has committed to securing the release of Ross Ulbricht, the founder of Silk Road. Ulbricht, a non-violent offender and an early proponent of Bitcoin, has been incarcerated for a decade following his arrest. His case has garnered considerable attention within the cryptocurrency community, and if Trump successfully facilitates Ulbricht’s release, it would represent a pivotal moment in the reconciliation between the government and the crypto sector.
Importantly, Trump has expressed his intention to not only reverse previous negative policies but also to implement constructive changes within the cryptocurrency industry. His policy advisors are diligently compiling a detailed list of potential executive actions he could initiate upon taking office, alongside a framework for comprehensive new regulations governing the sector. Additionally, Trump has shown interest in exploring innovative applications of cryptocurrency, including its potential to help mitigate national debt.
Throughout his campaign, Trump has presented a compelling array of potential advantages for the cryptocurrency landscape. Should he manage to fulfill even a portion of these commitments, it could lead to a transformative shift in the often volatile relationship between the cryptocurrency industry and the federal government. The implications of such changes could resonate throughout the sector, fostering a more favorable environment for innovation and growth.
“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” Jean-Marie Mognetti, CEO of CoinShares.
