As the inauguration of Donald Trump draws closer, the future president of the United States is placing his pawns and preparing the ground to be able to implement the policy he has imagined in the coming months. One of his priorities for his new mandate could well be cryptocurrencies, to the delight of members of the ecosystem.
A decree aims to make cryptos a national priority
Throughout the electoral campaign, Donald Trump has not hidden his favorable position on cryptocurrenciesmultiplying promises aimed at promoting innovation as well as their democratization. Now elected, the one who was president of the United States between 2017 and 2021 is now expected at the turning point by the industry.
According to information from our colleagues at Bloombergonce invested, Donald Trump would plan to issue a presidential decree elevating cryptocurrencies to the rank of national priority. The future President of the United States would like to give the most initiated players in the sector the means to make themselves heard by the members of his Administration.
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The goal: to ensure that government agencies like the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CTFC) maintain good relationships with industry. These have deteriorated in recent years, particularly during Gary Gensler's tenure as president of the SEC.
The latter did not hesitate to set up a very conservative policy regarding cryptocurrenciestaking action against crypto companies that did not comply with the Securities Act in his eyes. In total, nearly 100 coercive actions were taken by the regulatory authority against industry players.
Donald Trump would like to avoid such disputes arising during his mandate. This is why a cryptocurrency advisory board should be created in order to to defend the political priorities of the industry “. At the end of December, it was announced that Bo Hines would become the president of this crypto council.
At the same time, a directive would be included in the decree so that the SEC or the CFTC review their repression policies regarding cryptocurrencies. They would notably require them to suspend any dispute with players in the sector such as that between the SEC and Ripple for example.
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Donald Trump seems to be paving the way to make the United States the hub of cryptocurrencies
According to people familiar with the matter, executive order could be issued as early as Monday. However, discussions are underway to validate or not the different measures and guidelines that it must include. With this decree, Donald Trump would take the opposite direction of the policies pursued by Joe Biden during his mandate.
The 46th President of the United States adopted, like Gary Gensler, a very conservative position regarding cryptocurrencies. This had prompted players in the crypto industry to support Donald Trump during the presidential elections, to the detriment of his Democratic rival Kamala Harris.
Also read – Will Donald Trump mention cryptocurrencies during his inauguration speech?
In addition to this decree, Donald Trump would consider to include cryptocurrencies in the United States strategic reserve. If Bitcoin (BTC) was widely expected to arrive in this reserve, it could well be that the future president has a preference for cryptos issued by companies whose head office is located on American soil like Solana (SOL), Circle's USDC or Ripple's XRP.
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Source: Bloomberg
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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