The wheel has begun to turn on Donald Trump’s plan to make the US the “crypto capital of the planet” after returning to the White House. ” who will be responsible for considering the possibility of the US forming a “strategic national digital asset stockpile,” among others. The promise to establish a stockpile is one of the many commitments made by Trump to the crypto industry before he was re-elected. Although the idea stumped economists, it received a rapturous reception among bitcoiners. As rumors about the upcoming announcement spread on Thursday, the price of bitcoin rose to $ 105,000 per coin, just short of the record high which regulates the use of crypto. A week ago, on Trump’s second day in office, the Securities and Exchange Commission (SEC) – the US regulatory body that brought lawsuits against crypto companies in the Joe Biden administration – created a “crypto task force.” Under new leadership after his departure from former chairman Gary Gensler, who is widely demonized in the cryptosphere, the SEC will develop a “comprehensive and clear regulatory framework for crypto assets,” the agency stated. Ulbricht, who is serving time in prison for crimes he committed while running the infamous darknet marketplace Silk Road, was one of the first websites to accept bitcoin as payment. After his arrest in 2013, Ulbricht became a martyr in crypto circles for his part in spreading the gospel of bitcoin. This initial gesture signals Trump’s willingness to follow through on his previous campaign promises: passing various crypto-related laws, reforming financial regulations. apparatus in the US, and weave crypto into the US national treasury. The effect will be extensive, crypto figures believe, rippling far from US shores and creating the conditions for a new golden age for the industry. “Our technology is very powerful and transformative. We need to land in different societies,” said Joseph Lubin, founder of Ethereum and chief executive at software company Consensys. “And America is the standard-setter for the rest of the world.” Despite previously spurned bitcoin as a “scam,” Trump now has extensive ties to the crypto industry, many high-profile members of which came out to support him. re-election campaign. In the lead-up to the 2024 election, crypto organizations have donated hundreds of millions of dollars to crypto-focused political super action committees, which are spending funds to support crypto-friendly congressional candidates, many Republicans. On the campaign trail, Trump began to bill himself as the “crypto president” first. In July, in front of many bitcoiners, Trump promised to turn the US into a crypto mining powerhouse and create a national bitcoin stockpile if re-elected. In the same speech, he promised to fire Gensler, the SEC chairman, prompting the loudest applause of the night.
Trump’s Cryptonaissance Is Here
