Trump and the Crypto World: A New Course for the Industry?

The cryptocurrency industry hopes that the future US President Donald Trump will follow through on his announcements and, after taking office, lay the groundwork for broader acceptance of digital tokens with a series of orders. According to industry insiders, Trump could become active on the first day of his term, January 20, with comprehensive directives on issues ranging from immigration to energy. During his campaign, Trump positioned himself as a supporter of cryptocurrencies and promised to act as a "crypto president." The industry demands that he fulfill his promises and establish a national Bitcoin reserve through orders, provide the industry with access to banking services, and set up a crypto council. The goal is for at least one of these measures to be announced within the first 100 days of his term. Joe Biden's administration has so far responded with regulations on the industry designed to address concerns about crime and volatility. Trump, on the other hand, plans to reverse these measures. His new crypto-friendly team is forming with the recently appointed SEC Chairman Paul Atkins and the designated White House Crypto Representative David Sacks. The world's leading Bitcoin recently reached new highs above $107,000 after Trump reaffirmed his plans for a Bitcoin reserve in a speech in July. However, the price fell back below the $100,000 mark. Experts are divided on whether Trump can implement such plans by decree or if a congressional decision would be necessary. The Bitcoin Policy Institute has already drafted an ordinance classifying Bitcoin as a strategic reserve asset. In addition to the national Bitcoin reserve, Trump intends to ensure that banks do not exclude crypto companies from the traditional financial system. Such an order could provide banks with guidance, although it would hardly be legally binding, as federal banking regulators operate independently. Trump's plans also include establishing a crypto council, with previous administrations having implemented similar councils through orders. The approach could also set future regulatory principles for the industry and initiate a reassessment of existing regulations.