Crypto Champions Urge Trump: Take Bold Action from Day One!

The cryptocurrency universe is buzzing with anticipation as leading voices in the industry urge President-elect Donald Trump to hit the ground running once he steps back into the White House this January. The crypto community is looking for decisive action and bold moves right from day one!

According to Reuters, Trump is gearing up to unleash a whirlwind of executive orders on his first day, January 20, as he transitions from President Joe Biden. His agenda is expected to cover a vast array of topics, including immigration and energy, but crypto enthusiasts are urging him to prioritize digital assets on that list.

Throughout his campaign, Trump captured the attention of crypto supporters by promising a regulatory environment that fosters innovation and growth. He even hinted at establishing a “strategic reserve” of Bitcoin! Now, the industry is rallying for Trump to deliver on these tantalizing promises through an executive order, which they believe would pave the way for U.S. banks to offer essential financial services to the crypto sector.

Moreover, crypto leaders are eager to see Trump’s plans for a national Bitcoin stockpile and the formation of a “crypto council” take shape, as reported by Reuters. They aim to hold him accountable for tangible results within his first 100 days, with insider whispers suggesting that a key order could be issued as soon as he takes office.

Trump’s crypto vision starkly contrasts with the stringent regulatory stance taken by the Biden administration, which has imposed heavy restrictions on crypto firms under the guise of consumer protection. As a result, many crypto companies have sought refuge in nations with more welcoming policies, raising concerns that the U.S. could lag behind in the digital asset race. Trump’s blueprint promises to reverse this trend, with the appointment of key figures like the crypto-savvy Paul Atkins as SEC Chairman and David Sacks as the “crypto czar” already signaling a new direction.

Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs Inc., emphasized to Reuters the urgency for Trump’s initial executive orders to clearly outline his priorities and set a roadmap for the future of crypto in the U.S.

The crypto market has experienced a significant uptick since Trump’s election victory in October, with Bitcoin recently hitting an astonishing new peak of $107,000, although it has since dipped below the $100,000 mark. This surge reflects the industry’s rising optimism regarding his presidency.

While analysts debate whether Trump can unilaterally create a national Bitcoin reserve through executive powers—some claim it might be feasible via the Treasury Department, while others insist Congressional approval is essential—excitement is mounting. The Bitcoin Policy Institute has already drafted a proposed executive order that could designate Bitcoin as a “strategic reserve asset,” encouraging the Treasury to allocate $21 billion annually towards acquiring the cryptocurrency.

Zack Shapiro, head of policy for the Bitcoin Policy Institute, told Reuters that the U.S. must act swiftly to start accumulating Bitcoin before prices skyrocket further.

In addition to establishing a national Bitcoin reserve, Trump has vowed to prevent U.S. banks from “choking” crypto companies by withholding traditional financial services. The crypto sector is hoping for an executive order to address this issue, which would signal to banks and offer them crucial political backing, even if it lacks legal authority due to the independence of banking regulators.

Furthermore, Trump has committed to launching a “crypto industry council,” led by his crypto czar, and the industry anticipates that he’ll utilize his executive powers to lay down fundamental principles for crypto regulation—similar to an order he issued in 2017 directing banking regulators to reassess existing frameworks.

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