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14/01/25
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Trump’s First Day: A New Era for Cryptocurrency Regulation?
On January 20, the newly elected President Trump is poised to make a significant impact on the cryptocurrency landscape on his first day back in the White House. Reports indicate that he is expected to sign several executive orders aimed at reforming banking policies related to digital assets shortly after taking office.
In discussions leading up to his inauguration, it has been suggested that Trump plans to address issues such as the controversial “Operation Choke Point 2.0,” which critics allege has pressured financial institutions to sever ties with the crypto industry. Additionally, there is anticipation surrounding the potential repeal of a bank accounting rule that mandates financial institutions classify cryptocurrencies as liabilities. This rule, stemming from a Securities and Exchange Commission advisory issued in March 2022, has been met with significant pushback from industry leaders.
There are indications that the crypto sector is keenly watching for Trump to prioritize crypto-related executive orders early in his administration. Executive order discussions have been spurred on by recent management meetings, including a gathering hosted by David Sack, Trump’s appointed czar for cryptocurrency and artificial intelligence. Sack has hinted at a reversal of the previous administration’s extensive policies on AI, which has been a subject of contention among conservative circles.
Behind the scenes, prominent venture capital figure Marc Andreessen has been amassing support for Trump’s administration, playing a crucial role in candidate selection for key positions. Andreessen’s influence extends beyond technology roles, reaching into defense and intelligence sectors as well.
During his campaign, Trump extended a warm embrace to the crypto community with ambitions of establishing the U.S. as a leading hub for cryptocurrency, including proposals for a national Bitcoin reserve and a commitment to diminish regulatory hurdles for the crypto market. The forthcoming weeks are expected to shed light on the implementation of these promises and their implications for the digital asset ecosystem.
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