There’s a positive outlook in the world of cryptocurrency that President-elect Donald Trump might issue significant executive orders related to the industry once he assumes office on January 20th. According to reports from the New York Post, Trump is considering establishing an “America-centric” digital asset reserve, with a focus on homegrown cryptocurrencies.
The plan coincides with earlier talks within Trump’s transition group regarding the establishment of a strategic Bitcoin storage. As his inauguration draws closer, there is much conjecture about what these executive orders might entail and their potential impact on the cryptocurrency market.
America-First Reserve to Focus on U.S. Digital Assets
It appears that reports suggest Donald Trump and his group are planning to issue executive orders aimed at boosting cryptocurrencies. One significant move being considered is rescinding the contentious accounting guideline for cryptocurrency, known as SAB 121.
The suggested “America-first” storage might equally focus on digital currencies like XRP, Solana, and the USDC stablecoin, all of which boast robust ties to the United States.
Following the latest gatherings at Mar-a-Lago, it’s been reported that Trump interacted with Ripple leaders, such as CEO Brad Garlinghouse and CLO Stuart Alderoty, indicating a receptiveness to their ideas. Yet, there are worries that Trump’s endorsement of altcoins might overshadow efforts aimed at boosting Bitcoin’s credibility and popularity.
Crypto Community Awaits Regulatory Shift
The people involved in cryptocurrency see Trump’s election as a possible shift, after they claim that regulations have been unfriendly under the Biden administration for several years. Programs like “Operation Chokepoint 2.0” are said to have limited banking opportunities for crypto businesses, hindering innovation and new ventures within this field.
Based on an article recently published in The Washington Post, it’s anticipated that the new administration will tackle these matters using executive orders. Some potential steps they might take are setting up a Bitcoin reserve and discontinuing practices that have kept cryptocurrency companies out of conventional banking.
In the industry, it’s expected that there could be substantial rule adjustments as the Securities and Exchange Commission (SEC) might take on a new shape under the potential guidance of Paul Atkins. Simultaneously, Donald Trump has designated David Sacks, a venture capitalist, as the first American representative for Artificial Intelligence and Cryptocurrency.
Furthermore, a festive event titled “Crypto Ball” has been arranged for this coming Friday, preceding Trump’s inauguration, indicating the industry’s optimism towards a friendlier regulatory landscape in the future.
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2025-01-16 19:10