Donald Trump and Bitcoin: Promises on Crypto Regulations
Donald Trump aims to make big changes in the cryptocurrency world. Plans to overhaul regulations to increase adoption of Bitcoin and other digital assets stand out as a significant development for crypto investors and supporters. While Trump is committed to creating a more conducive environment for cryptocurrencies, he believes innovation and growth in this field should be supported. In this context, on-chain analytics platform SpotOnChain revealed 11 important promises of Trump towards the crypto world.
1. Promise to Fire SEC Chairman Gary Gensler
Trump promises to oust SEC Chairman Gary Gensler on his first day. While Gensler is an important figure on crypto regulations, he has created uncertainty for many investors and companies. This move by Trump is considered as a step for the crypto industry to have a friendlier regulatory framework.
2. Plan to Create a National Bitcoin Reserve
Donald Trump aims to create a “Bitcoin Reserve” for the USA by adopting Bitcoin as a national asset like gold. This could be a turning point in integrating digital assets into national fiscal policies. Creating such a reserve will strengthen Bitcoin’s place in the financial system and create long-term trust.
3. Goal to Make the USA the Global Hub for Crypto
The Trump administration plans to turn the United States into the “crypto capital” of the world. This goal will increase global crypto investments and pave the way for innovations in the field of Blockchain technology. America’s leadership in the cryptocurrency field can serve as an example for other countries.
4. Commitment to Protect Bitcoin Assets from Seizures
Trump promises to protect 100% of the 203,650 BTC held by the US government. This commitment aims to secure the government’s digital assets from legal seizures. Creating a national reserve is considered a strategy that will guarantee the future growth of Bitcoin.
5. Eliminate Capital Gains Tax on Bitcoin
Another important promise of Trump towards the cryptocurrency ecosystem is to eliminate the capital gains tax on Bitcoin transactions. This move will make it more attractive for American investors to buy and spend BTC. Additionally, this regulation could attract more institutional investment into the cryptocurrency sector.
6. Supporting Local Bitcoin Mining
Trump plans to support US-based Bitcoin mining to increase energy independence and lead in the digital economy. In this context, strengthening the mining infrastructure will both contribute to economic growth and increase local employment.
7. Ending the Anti-Crypto Crusade
Trump states that he will end his current “anti-crypto crusade.” It aims to create a pro-crypto environment with balanced regulations to ensure fair treatment of digital assets. This will play a critical role in regaining investors’ confidence.
8. Creating a Bitcoin and Crypto Advisory Council
Trump plans to establish an advisory council for crypto regulations that will include industry leaders and advocates. This council will help create a clear regulatory framework and guide policies that will shape the future of cryptocurrencies.
9. Protecting Self-Custody Rights
Donald Trump promises to protect Americans’ right to self-storage their digital assets. This will enable citizens to retain control of their digital assets without depending on third-party institutions. This will increase the security of users and reinforce trust in the cryptocurrency ecosystem.
10. Opposing Central Bank Digital Currency (CBDC)
Trump strongly opposes the idea of CBDC and believes such implementation threatens privacy and control of personal finances. His administration is committed to blocking any CBDC initiative. This approach could be advantageous for stablecoin issuers like Tether and Circle.
11. Ross Ulbricht Pledges to Commute to Commutation
Finally, Trump promises to commute the double life sentence of Silk Road founder Ross Ulbricht. This decision is considered a reflection of Trump’s effort to reform the digital finance sector.
These promises of Trump have the potential to create a significant transformation in the cryptocurrency world. However, it is eagerly awaited to what extent these promises will be fulfilled and how the USA’s position in the crypto field will be shaped. You can follow these developments in the crypto world on Kriptokoin.com.
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