Monday, December 2, 2024
10.5 C
London

What Are Trump’s Crypto Commitments for 2024?

After his win in the 2024 U.S. Presidential Election, Donald Trump’s administration is set to pursue significant shifts in cryptocurrency policy, reviving some promises made in his past discussions.

On the top of his agenda is firing SEC Chairman Gary Gensler on his first day in office, a step aimed at curtailing what he has described as anti-crypto regulatory crackdowns. 

Trump’s plan to foster a Bitcoin-friendly environment in the U.S. signals a clear departure from the SEC’s recent actions and a shift toward encouraging innovation in the sector.

Among Trump’s other commitments is the establishment of a “National Bitcoin Stockpile,” underscoring his view of Bitcoin as a strategic national asset. Additionally, he has pledged to hold onto the 203,650 BTC currently owned by the U.S. government, valued at around $14.95 billion, instead of liquidating it.

Trump’s proposal to eliminate the capital gains tax on Bitcoin could further incentivize both individual and institutional investments, creating new momentum in the market.

Also, Trump plans to establish a “Bitcoin and crypto presidential advisory council” to craft transparent, growth-focused regulatory guidance within his administration’s first 100 days.

Another key part of Trump’s vision is safeguarding individual rights to self-custody digital assets, marking a strong stance against the potential rollout of a U.S. Central Bank Digital Currency (CBDC). This aligns with his commitment to financial autonomy and privacy in the digital age.

To support the domestic economy, Trump has also promised to back U.S. Bitcoin mining, which he believes could help build energy independence and stimulate local job growth.

In a notable nod to early crypto advocates, Trump has promised to consider commuting Ross Ulbricht’s sentence, the founder of the Silk Road marketplace, whose case is symbolic within the crypto community.

These commitments, if realized, could place the U.S. as a leader in crypto, though questions remain on how feasible they are and how they will impact regulatory frameworks and global perceptions.

Hot this week

Cardano Breaks Through $1.05: What’s Next for ADA?

Amid what has been a legendary bull rally for...

BRICS: 2 Countries Pay 80% of Trade in Local Currencies, Not US Dollar

BRICS member Russia confirmed that it has settled 80%...

Got $500? Here’s How Much Dogecoin You Need to Make $1M at $5 or $10?

Dogecoin trades at $0.39, its highest price in 18...

Over 1,138 Smart Investors Have Bought This Trending Token, What Do They Know That Others Don’t?

A quick look at CoinMarketCap will show you which...

Shiba Inu: How Many SHIB Tokens You Need To Make $1 Million?

Shiba Inu is currently trading at the $0.00002525 price...

Topics

Cardano Breaks Through $1.05: What’s Next for ADA?

Amid what has been a legendary bull rally for...

BRICS: 2 Countries Pay 80% of Trade in Local Currencies, Not US Dollar

BRICS member Russia confirmed that it has settled 80%...

Got $500? Here’s How Much Dogecoin You Need to Make $1M at $5 or $10?

Dogecoin trades at $0.39, its highest price in 18...

Shiba Inu: How Many SHIB Tokens You Need To Make $1 Million?

Shiba Inu is currently trading at the $0.00002525 price...

Nigeria Restarts $35M Money Laundering Case Against Binance

The Economic and Financial Crimes Commission (EFCC) in Nigeria...

VeChain Eyeing $0.05 As VeBetterDAO Propels VET 31%

Amid what is overarching positive market sentiment, VeChain is...
spot_img

Related Articles

Popular Categories

spot_imgspot_img