Finally, after months of suspense, we know the name of the 47th President of the United States of America: Donald John Trump! Known among crypto enthusiasts for his pro-crypto stance, Trump made an appearance and delivered a speech at the Bitcoin Conference in Nashville last July. But how will his presidency impact the crypto market now that he has been elected? Let’s dive in.
Strategic Bitcoin Reserve
One of Trump’s promises is to create a “strategic Bitcoin reserve” using Bitcoin the U.S. has acquired through seizures, such as during the Silk Road investigation. This initiative could ease investor fears that the U.S. government might sell off its Bitcoin holdings, fostering a more favorable environment for cryptocurrency investments.
However, will Trump and his administration really implement this plan? Although it’s too soon to celebrate, one Republican senator has hinted that they are committed to this goal.
This might be possible due to the fact that the Republican party of Donald Trump won the Senate and the United States House of Representatives.
SEC Reorganisation
Trump has also pledged to remove Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), who has led numerous lawsuits against crypto companies like $XRP, Grayscale, and recently, $IMX.
If this happens, Trump would likely appoint a more pro-crypto chairman, a change that could be significant for the industry. This could potentially mark the end of SEC investigations classifying certain cryptocurrencies as securities, leading to a less restrictive regulatory environment for crypto businesses.
Conclusion
Trump has a lot of ideas that are very favorable for crypto, I’ve only covered the ones I believe will have the greatest impact on the industry.
Of course, much of what he promised during his campaign was likely aimed at gaining votes from U.S. crypto enthusiasts. However, if real changes occur and pro-crypto laws are passed, it could bring significant attention to the industry and, in my opinion, trigger an impressive bull run.
As always, thank you for reading !
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Disclaimer: This is not financial advice, you need to do your own research!
