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Fenelon L.
Donald Trump’s victory in the presidential election on November 5, 2024 marks a potential turning point for the crypto industry. During his campaign, the newly elected President of the United States made the crypto sector one of his flagship arguments, multiplying promises to the community.
A new regulatory approach for the crypto sector
Donald Trump, elected 47th President of the United States, established himself as a defender of Bitcoin and cryptos during his campaign. Alongside Elon Musk and his running mate JD Vance, he has made many promises to this sector, thus raising great hopes in the crypto community.
In July 2023, at the Bitcoin conference in Nashville, Trump revealed his vision for the crypto future in the United States. His main promise: to replace Gary Gensler at the head of the SEC, the regulatory authority for American financial markets. He pledged to create a “presidential advisory council on bitcoin and other cryptos,” made up of industry experts, to establish new rules favorable to innovation.
This proposal marks a departure from current SEC policy under Gary Gensler, who has filed more than 100 actions against crypto companies. Trump intends to replace this approach, considered hostile, with a framework more favorable to the development of the sector.
The Republican candidate also promised to release Ross Ulbricht, the creator of Silk Road, to create a national reserve of Bitcoin (BTC), and opposed the plan for a central bank digital currency (MNBC).
A strong commitment to mining made in the USA
The development of crypto mining in the United States constitutes another major pillar of Trump’s promises. At a meeting at Mar-a-Lago with key industry players, he presented his vision of an all-American mining industry.
Its plan is structured around three axes: the development of national energy capacities, the repatriation of mining activities to American soil, and the creation of a competitive advantage against China. The Republican notably promised to encourage the installation of mining farms in regions with energy surpluses.
Trump also pledged to establish a conservation policy for the federal government’s Bitcoin holdings. At the biggest Bitcoin conference of the year in Nashville, he also promised that his administration would keep 100% of the Bitcoins seized or acquired by the US government.
This approach contrasts with the current practice of the US Marshals Service, which regularly auctions confiscated cryptos. Trump argues that these sales can destabilize the market and deprive the country of strategic assets.
The crypto community, which largely supported his campaign, is now waiting to see how these promises will be implemented after he takes office.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
