Trump Wastes No Time: Bold Moves to Reshape Crypto Policy

Many doubted that Trump would take action in this direction. First, election promises are often forgotten once politicians take office. Second, the proposed changes are so radical that a reversal would not have been surprising. However, the first moves of the newly elected president have shown his serious intent to follow through. 

Though Donald Trump hasn’t signed the Bitcoin Reserve Bill yet, he has already taken steps in this direction. The concept of strategic bitcoin reserve is now under government review. 

Donald Trump signed the executive order “Strengthening American Leadership in Digital Financial Technology”. This order prohibits CBDCs, as Trump promised during his election campaign. Additionally, this order established an internal working group. Its goal is to make the U.S. the “world capital of crypto.” In particular, the group will explore the creation of a national crypto stockpile alongside a regulatory framework for stablecoins. It will operate under the guidance of David Sacks, the newly appointed AI and crypto czar, a position created to oversee the development of the AI and cryptocurrency industries.

Previously, Trump pardoned Ross Ulbricht, the founder of the Silk Road marketplace. Trump announced that banks would now be free to collaborate with cryptocurrency startups. It signaled the end of 'Operation Chokepoint 2.0', a controversial initiative that restricted banking services for crypto companies..

Trump pledged to repeal the SAB121 rule, which had required companies to maintain significant capital reserves to engage in cryptocurrency-related activities. The SEC immediately rescinded it when Trump took office. 

As these initial changes unfold, the crypto industry looks ahead with cautious optimism, eager to see how Trump’s policies will shape its future.

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