After learning of Donald Trump’s electoral victory in the United States, the question that many are asking is whether the new president will fulfill the promises he made about cryptocurrencies, after the rapprochement and change of position he expressed during the campaign.
There are several proposals that Trump made in recent months, including industry-friendly regulations, rejection of central bank digital currencies (CBDC), defense of self-custody, and development of Bitcoin Mining.
They are promises that imply a 180-degree turn in the regulatory policy that the United States has had on the sector so far, and which in the last 4 years was marked by Joe Biden’s anti-bitcoin position, generating a significant exodus of companies and developers.
These are proposals that they convinced the voters involved with cryptocurrencies, a sector that in these elections has had an important participation in the electoral process with an unusual economic contribution (not seen in other elections).
Hence, after knowing the results, many members of the community have gone to X to express what they expect from the new president, mostly showing great skepticismtaking into account that “there is little that can be expected from a politician.”
Trump’s promises include the release of Ross Ulbrich, the creator of Silk Road who serves a sentence two life sentences and an additional 40 years; and the dismissal of the chairman of the Securities and Exchange Commission (SEC), Gary Gensler.
“If you vote for me, from day one, I’m going to commute Ross Ulbricht’s sentence,” Trump said last May, adding that “he’s already served 11 years in prison, we’ll take him home.” The now elected president made this statement during his speech at the Libertarian National Convention in Washington, addressing a large number of bitcoiners who attended the event.
His comments were welcomed by many, although others, like Jameson Lopp, considered them “just a political move.” The Bitcoin popularizer maintained, at that time, that Trump had no incentive to release Ulbrich during his mandate and this time “there is no incentive for him to keep his promise once elected, since it would be his last term.”
He thus recalled the decision made by Trump in 2021, when refused to grant forgiveness presidential to Edward Snowden, Julian Assange and Ross Ulbricht.
Ross, like Assange and Snowden, is an emblematic figure within the ecosystem. They all symbolize the struggle of various communities for individual freedoms that are restricted by state interference. Particularly the cause for Ulbrich’s release accumulates more than 604,478 signatures requesting a presidential pardon on the Change.org website.
This is a possibility that is important to many bitcoiners. This is at the point of reading opinions like those of users. Juanito and MaxisClubwho don’t expect much from Trump. “I am satisfied with him fulfilling his promise with Ulbrich,” “if he releases Ross, something that seemed impossible, for me it will already have been 100% worth it,” they express on social networks.
As for the SEC chairman, Trump has said he will fire Gary Gensler on “day one.” Something that – along with the idea of ending Biden’s onslaught – is liked by the community, according to the comments. An action that for many “would be good news.” Although for the Spanish economist and tax expert José Antonio Bravo “it doesn’t matter.” “Bitcoin is not worried about Gensler, that’s what the exchanges are worried about.”
In this regard, it is known that the official’s term will expire in January 2026. As reported by CriptoNoticias, to remove the president of the SEC, must present a justified causesuch as negligence, inefficiency or some other form of misconduct. And establishing the case, legal reviews and administrative transitions could take more than a year (about the same time he has left in office).
Another possibility is that Gensler voluntarily retires. Although so far the official has not commented on this issue, analysts from the firm 10x Research They see it as very likely that this resignation will occur.
Bitcoin expected to be part of reserves
Another of Trump’s promises for the ecosystem, which has many bitcoiners excited, is the creation of a strategic reserve in bitcoin.
To this end, last July Senator Cinthya Lummis presented before the Senate a billwhich awaits your discussion. His progress looks promising taking into account that the Republicans also won a majority in the Senate (at the time of writing, the results of the House of Representatives were expected).
Senator Lummis defends the inclusion of bitcoin in reserves. Source: YouTube.
According to Trump’s statements, he will keep 100% of all bitcoins that the US government currently has in custody. That is, so far, about 208,109 BTC, according to the BitcoinTreasuries data.
Lummis’ proposal is based on the creation of a reserve from the purchase of one million bitcoins (5% of the currency’s total circulation) over the next five years. The president-elect committed to implementing this plan, purchasing BTC with the aim of maintaining this long-term bitcoin reserve policy.
However, this is an unprecedented proposal, until now only applied in El Salvador. There are many people for and against, so its possible implementation has become a topic of debate in the US. A controversy that is expected to worsen, If plans to get BTC into reserves advance. Among the barriers to be faced, the reform of various current legislation will also be required, including Federal Reserve regulations.
Regarding mining, the president said that the activity would be the last line of defense against a CBDC. Their goal would be for “all future Bitcoin to be mined in the United States,” a vision that for many was exaggerated and that some questioned for going against Bitcon’s decentralized philosophy.
But this was what Trump said when meeting with key figures in the sector last June, where executives from companies such as Riot Platforms They pledged their financial support to the campaign..
Many other Cryptocurrency figures and companies joined this support. Contributors to the fundraising committee donated bitcoin, ether, and XRP, as well as USDC. Almost 50% of donations for the 2024 electoral cycle They came from the bitcoin ecosystem. A fact that is highlighted in X’s comments, pointing out the way in which industry support contributed to Trump’s victory.
In the midst of the campaign, the Republican launched a new cryptocurrency platform called World Liberty Financial, which will be under the control of his sons Donald Trump Jr. and Eric Trump. Another action with which he tried to demonstrate that, after having been against the sector for many years, he will be “the pro-innovation and pro-Bitcoin president that the United States needs.” “This will be a prosperous industry, a great industry and I will do the same for all the others,” he said repeatedly.
As most people admit it’s all about promises. “Conditional sentences have to give rise to affirmative sentences to stop being hypotheses and be validated,” says Bravo. An approach supported by many bitcoiners, who consider that “Bitcoin does not need Trump to continue advancing.”
In any case, if the president does not do what he has promised, They hope it does not hinder development and let the industry take its course without interference, and without applying restrictions like those implemented by Biden. We have to wait for the course of this new mandate that will begin on January 20 to see if Trump really delivers in the next 4 years.
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