Donald Trump, the President-elect of the United States, is poised to undertake a significant initiative in reforming the nation’s stance on cryptocurrency. Reports suggest that he plans to sign an executive order after assuming office on January 20. The objective is to prioritize digital assets on a nationwide scale.
This is a drastic shift from the previous administration’s position, which was often described as hesitant or restrictive toward the crypto industry. Trump’s administration has shown interest in digital currencies, which is a sign that they are willing to embrace innovation in financial technologies. This might be the stepping stone for more defined regulations and increased cooperation between the government and the cryptocurrency sector.
Discussion and proposals include developing a dedicated body that would solely advocate for crypto interests. Ideally, this organization would act to bridge the world of regulators to market participants’ opinions, ensuring such policies are equally balanced and offer support for economic growth. And by doing all this, administration is trying to create a non-hostile ecosystem for businesses, as well as investors.
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BTCUSD trading at $101,432 on the daily chart: TradingView.com
Sources say that Trump could sign the order on January 20, which is the first day of his leadership. It could also put an end to all crypto cases that are still going on and tell all government groups to rethink their stance on digital currencies.
Most of the market reaction has been very positive about the latest development. Even after the news broke out, Bitcoin price skyrocketed to $102,000, which proved that investors are gradually becoming optimistic regarding the future of crypto under the new government. Analysts believe this might continue as information about Trump’s plans comes in.
US government's total bitcoin holdings. Source: Arkham Intelligence
There are also proposals to make a national Bitcoin reserve. The fact that the US government has over $20 billion in seized cryptocurrency assets could be proof that it wants to use digital assets in the long run.
The US will have a huge chance to solidify its place as a world leader in the cryptocurrency space courtesy of Trump’s plan. The government can get the most out of digital assets by promoting new ideas, streamlining rules, and attracting investment.
Featured image from Chairman of the Joint Chiefs of Staff, chart from TradingView
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