The wheels of Donald Trump's plan to “America” America are already starting to turn.crypto capital of the planetAfter his return to the White House.
in one executive Order Signed on Thursday, Trump established “a working group on digital asset markets,” which will be responsible for assessing the possibility of the U.S. creating a “strategic national digital asset repository,” among other things.
The promise to set up the repository was one of several commitments Trump made to the crypto industry before his re-election. Although the idea shocked economistit got a standing ovation Among Bitcoiners. As Rumors of imminent announcement Thursday's spread, priced at Bitcoin climbs to $105,000 per coinJust short of the record high.
The order also requires the working group – which will include leaders from various government branches, financial regulatory bodies and attorneys general – to come up with a reasonable set of rules and laws governing the use of crypto.
Earlier in the week, on Trump's second day in office, the Securities and Exchange Commission (SEC) – the US regulatory body that brought a barrage of lawsuits Against crypto firms under Joe Biden administration-Established A “Crypto Task Force.” Under new leadership following the departure of former chairman Gary Gensler, who was widely Demonized in the cryptosphereThe SEC will develop a “comprehensive and clear regulatory framework for crypto assets,” the agency said.
Later that day, Trump granted amnesty Ross Ulbricht, who was serving a life sentence in prison for crimes he committed while running the notorious darknet marketplace Silk Road, which was one of the first websites to accept Bitcoin as payment. After being arrested in 2013, Ulbricht became something of a martyr in crypto circles for his role in spreading the Bitcoin gospel.
These early signs indicate Trump's willingness to move forward earlier campaign promises: Passing various crypto-related laws, improving the financial regulatory mechanism in the US, and incorporating crypto into the US national treasury. Crypto figures believe the effects will be widespread, echoing far beyond US shores and creating the conditions for a new golden age for the industry.
“Our technology is very powerful and transformative. We need to roll this out into different societies,” says Joseph Lubin, co-founder of Ethereum and chief executive of software company ConsenSys. “And America is a standard-setter for the rest of the world.”
Despite previously dismissing Bitcoin as a “scam”, Trump has now done so Extensive ties to the crypto industrymany of whom are high-profile members came in support Of his re-election campaign.
In the lead up to the 2024 elections, crypto organizations donated millions of dollars Crypto-focused super political action committees that spent money in support of crypto-friendly congressional candidates, many of whom were Republicans.
During the campaign, Trump began presenting himself as the first.crypto presidentIn July, in front of a Furious crowd of BitcoinersTrump promised to transform the US into a crypto mining powerhouse and establish a national Bitcoin repository if re-elected. In the same speech, he pledged to fire SEC Chairman Gensler, drawing the loudest applause of the night.