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With Donald Trump’s upcoming inauguration on January 20, the Cryptocurrency industry in the United States is more vigilant than ever. During his campaign, Trump called himself the “crypto president” promising a more favorable environment for this sector, and now his team faces significant pressure to turn those promises into concrete actions from the first day of his administration.
Executive orders to boost cryptocurrencies
Expectations focus on a series of executive orders that could mark a before and after in the adoption of cryptocurrencies in the country. Among the proposals that the crypto industry is promoting are:
A drastic change from the Biden administration’s approach
Under the Biden administration, the crypto sector faced tighter restrictions due to concerns about financial crimes and volatility. In contrast, Trump has promised to “unlock innovation” and reverse measures that have hindered the industry’s growth.
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His team already includes key figures such as Paul Atkins, an advocate of pro-crypto policies, and David Sacks, who will be in charge of directing cryptocurrency strategy from the White House.
A spokesperson for the Trump transition noted that his administration will take strong action to address what they call a government effort to “stifle innovation” in crypto. In this context, executive orders become a political tool that could lay the foundations for a new regulatory era.
Legal and regulatory challenges
However, not everything is so simple. While executive orders can send clear messages about the administration’s priorities, their effectiveness depends on several factors. The banking sector, for example, is independently regulated, limiting the reach of any presidential directive.
Likewise, creating a national Bitcoin reserve would likely require congressional approval due to the high public spending it would entail.
“These types of steps are more symbolic than effective in the short term, but they give a clear idea of where this administration wants to go,” said Jonah Krane, partner at Klaros Group.
What’s next for cryptocurrencies?
Trump’s arrival to power could mark a new stage of growth for cryptocurrencies in the US. His plans to build regulation more in line with the needs of the industry, as well as the proposal of a strategic approach towards Bitcoin, could consolidate the country as a leader in crypto adoption.
However, the implementation of these policies will not be without barriers. The industry, for its part, is ready to take advantage of the opportunities of a more favorable presidential approach. It now remains to be seen whether Trump will deliver on his ambitious promises and how these changes will transform the crypto landscape in 2024.
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