US Bitcoin Reserve asset, Freeing Ross Ulbricht, Firing Gary Gensler… Time for Trump to deliver

Share This Post

According to Fox News and AP News, Donald Trump is projected to win the 2024 US Presidential Election as of November 6, 10 A.M. GMT.

In response, Bitcoin surged to a new all-time high of $75,264.76, with market participants anticipating the implementation of Trump’s crypto-friendly policies.

Trump’s return to the presidency places his extensive promises regarding Bitcoin and crypto under scrutiny. He has pledged to make the United States the “crypto capital of the planet” and the “Bitcoin superpower of the world.”

Central to his agenda is creating a strategic national Bitcoin stockpile, utilizing Bitcoin currently held by the US government. This initiative aligns with Senator Cynthia Lummis’s proposal for the government to acquire one million BTC to bolster the nation’s digital asset reserves.

In addition to building a Bitcoin reserve, Trump intends to establish a “Bitcoin and crypto presidential advisory council” to provide regulatory guidance and promote innovation within the industry. He has also vowed to block the Federal Reserve from creating a CBDC, expressing concerns over potential privacy infringements and centralization of financial control.

Support for Bitcoin mining is another key aspect of Trump’s crypto strategy. He views mining as a means to enhance domestic energy production and create jobs, aligning with his broader economic policies. Furthermore, he aims to provide regulatory clarity for stablecoins, fostering a framework for their safe and responsible expansion in the financial system.

Trump has committed to defending individuals’ right to self-custody digital assets, emphasizing the importance of personal financial sovereignty. In a move likely to resonate with the crypto community, he plans to fire SEC Chair Gary Gensler and appoint regulators more sympathetic to the crypto industry. This could signal a significant shift in the regulatory landscape, potentially easing pressures that crypto businesses have faced under the current administration.

Another notable promise is the pardon of Ross Ulbricht, the creator of the Silk Road dark web marketplace. Ulbricht’s case has been a point of contention within the crypto community, with many advocating for his release on grounds of excessive sentencing.

Bitcoin’s recent price movement reflects market optimism about these potential policy changes. The price increased by 7.51% over the past 24 hours, currently at $73,921.93, with a market capitalization surpassing $1.46 trillion. Trading volumes also spiked, with $99.47 billion exchanged in the same period.

As Trump’s victory is projected, the crypto community awaits the timeline for his promised policies. Day one of his presidency in January should be a big day with the removal of Gary Gensler from the SEC and freedom for Ross Ulbricht. With a sweep of the House, Senate, and White House, there should be little in Trump’s way of delivering on his promises.

The post US Bitcoin Reserve asset, Freeing Ross Ulbricht, Firing Gary Gensler… Time for Trump to deliver appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the

WBTC Flash Crash on Binance, Price Plunges to $5,200

The post WBTC Flash Crash on Binance, Price Plunges to $5,200 appeared first on Coinpedia Fintech News On November 23, 2024, Wrapped Bitcoin (WBTC) experienced a sudden flash crash on Binance,

Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption

The post Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption appeared first on Coinpedia Fintech News After signing a memorandum of understanding (MoU) with Bitcoin

Ethereum Price Poised for Gains: $3,600 Within Reach?

Ethereum price started a fresh increase above the $3,320 zone ETH is rising and aiming for more gains above the $3,500 resistance Ethereum started a fresh increase above the $3,300 and $3,320 levels