As a seasoned researcher who has spent years immersed in the dynamic world of finance and technology, I find myself intrigued by the ambitious promises made by President-elect Donald Trump regarding cryptocurrencies. Having closely observed the evolution of digital assets over the past decade, I can’t help but feel a sense of optimism tinged with a touch of skepticism.
During his presidential campaign, Donald Trump, who later became the U.S. President, frequently expressed support for cryptocurrencies and made numerous commitments to foster the emerging sector.
CryptoPotato has compiled a list of Trump’s declared promises, including pledges geared towards fostering innovation in the United States and continuing growth of the digital asset industry.
Trump’s Promises Regarding Crypto
Trump announced his intention to reduce the prison term of Ross Ulbricht, a 39-year-old who founded the unlawful online marketplace Silk Road. In 2013, U.S. law enforcement apprehended Ulbricht for allegations involving drug dealing, money laundering, and computer crime. Convicted of multiple offenses, including two life sentences, Ulbricht is currently serving his twelfth year in prison.
If Trump wins, there’s a possibility he might lessen Ulbricht’s punishment. He stated that this act of commuting the sentence is an aspect of his advocacy for personal liberties within the digital currency sector.
The incoming president has pledged to dismiss Gary Gensler, head of the U.S. Securities and Exchange Commission (SEC), on his inauguration day. This decision is based on Gensler’s negative views towards cryptocurrencies and his efforts to control the industry through regulation. Moreover, he has sworn to abolish the anti-crypto policies of the current administration and initiate a fresh chapter for digital assets.
Beyond this, Trump expressed his intention to abolish taxes on Bitcoin transactions. He argued that taxing even small crypto activities such as buying coffee with Bitcoin is unjust. Instead, he proposed replacing these crypto taxes with tariffs.
Making the U.S. the World’s Crypto Capital
Additionally, Trump aims to establish the U.S. as the global leader in cryptocurrencies and amass a large reserve of Bitcoin for the nation, owning all digital assets owned by the government. The Republican presidential contender is determined to curb government interference by preventing the emergence of a Central Bank Digital Currency (CBDC) during his term.
From my perspective as an analyst, I foresee a potential surge for cryptocurrencies like Bitcoin, reaching unprecedented peaks that could significantly boost the industry. I am convinced that Bitcoin will soar to new heights, perhaps even eclipsing gold’s market capitalization. This optimism leads me to advocate for the rights of American crypto holders to independently manage their digital assets through self-custody solutions.
During his campaign, Trump became the pioneer by accepting Bitcoin donations, which sparked a flurry of cryptocurrency backing from various quarters. This support led to the development of numerous meme coins.
As the inauguration is approaching within a few months, it’s intriguing to observe which of these pledges he might fulfill.
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2024-11-06 17:16