The wheels are already starting to turn on Donald Trump’s plan to make the US into the.Cryptocapital of the planetAfter returning to the White House.
In on Executive Order On Thursday, Trump signed a “Digital Asset Markets Working Group” that will be responsible for, among other things, the U.S. forming a “Strategic National Digital Asset Stocks.”
The promise to build inventory was one of the many commitments Trump made to the crypto industry before his re-election. Although the idea Dull economistsit received a Reception of resources Among the Bitcoiners. As Rumors of an upcoming announcement Thursday spread the price of Bitcoin rose to $105,000 per coinJust short of the record high.
The order also requires the working group – which will include the leaders of various branches of government, financial regulators and the attorney general – to capture an appropriate set of regulations and laws governing the use of crypto.
Earlier this week, on Trump’s second day in office, the Securities and Exchange Commission – the US regulator, which brought a Volley of complaints against crypto companies under the administration of Joe Biden –founded A “crypto task force”. Under new leadership following the widely publicized departure of former chairman Gary Gensler demonized in the cryptosphereThe SEC will develop a “comprehensive and clear regulatory framework for crypto assets,” the agency stated.
Later that same day, Trump Grace granted An Ross Ulbricht, who served life in prison for crimes while running DarkNet’s infamous Silk Road Market Place is one of the first websites to accept Bitcoin as payment. After Ulbricht was arrested in 2013, he became a martyr in crypto circles for his part in spreading the Bitcoin gospel.
These initial gestures signal Trump’s willingness to get his way Previous campaign promises: To pass various crypto-related laws, reform the financial regulatory apparatus in the US, and introduce crypto into the US treasury. The impact will be extensive, Crypto believes, reverberating far beyond us and setting the conditions for a new golden era for the industry.
“Our technology is very powerful and transformative. We need to land it in different societies,” says Joseph Lubin, co-founder of Ethereum and managing director at software company Consensys. “And America is a standard setter for the rest of the world.”
Although Trump has previously disdained Bitcoin as a “fraud,” he now has Trump extensive relationships with the crypto industrymany high-profile members whose came out in support his re-election campaign.
Ahead of the 2024 elections, crypto organizations Donated hundreds of millions of dollars To crypto-focused Super-Political Action Committees that spent the funds supporting crypto-friendly congressional candidates, many of them Republican.
On the campaign trail, Trump began to endorse himself first.”Crypto President. ““In July before a Crowd of BitcoinersTrump promised to turn the US into a crypto mining powerhouse and establish a national Bitcoin reserve if re-elected. In the same speech, he promised to fire Gensler, the SEC chairman, and invited the night’s most adoring applause.
