As President-elect Donald Trump prepares for his inauguration, the U.S. cryptocurrency industry is urging him to follow through on his campaign promises to push cryptocurrencies into the mainstream. The industry is hoping for a series of executive orders on his first day in office, January 20, to lay the foundation for a crypto-friendly future.
Bitcoin touched the epic milestone after Donald Trump won the presidential elections and touched the ATH of $108,000 in December. Trump’s biggest plan to create the US Bitcoin Strategic Reserve has been buzzing since he announced the plan during his campaign. Here’s an insider scoop on Trump’s larger-than-life plans to make the US a Bitcoin powerhouse.
Key Industry Demands
Industry insiders are pushing for Trump to create a national bitcoin stockpile, ensuring that the U.S. holds a strategic reserve of bitcoin according to the reports. This could be done through the Treasury Department, although some experts believe this may require Congressional approval. Plus, crypto firms are seeking easier access to banking services, as many have struggled with financial institutions reluctant to engage with them due to regulatory concerns.
Crypto Council and Regulatory Overhaul
Trump’s team is also considering the creation of a crypto industry council, which would help guide policy and provide a structured approach to the growing sector. Furthermore, the industry expects Trump to address the regulatory issues, pushing for a review of existing rules to ensure they are better suited to the unique needs of cryptocurrencies.
While the Biden administration has been more cautious, with regulatory crackdowns on crypto companies, Trump has promised to reverse these policies. His crypto-friendly appointments, such as SEC Chair Paul Atkins and White House crypto czar David Sacks, signal a shift towards a more supportive environment for digital assets.
Market Impact
Bitcoin’s price surged to new highs, surpassing $107,000, after Trump announced his plans for a Bitcoin Reserve. While it has since dipped below $100,000, the promise of a national stockpile has sparked optimism in the market. Despite the bullish call, Bitcoin has reacted negatively to the recent events Fed’s hawkish comments, and the DOJ’s court approval to sell the seized Bitcoins. Following the news, Bitcoin drastically fell to the $94,471 level.
Overall, the crypto insiders are highly charged as they expect Trump to go aggressive on his crypto plans while crypto OG like Arthur Hayes has given a warning of the severe market crash after Trump officially takes charge.
