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Trump’s crypto naissance is here

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Trump's crypto naissance is here

The wheels are already starting to turn around Donald Trump’s plan to turn the United States into the “crypto capital of the planet” after his return to the White House.

in a executive order Signed on Thursday, Trump established a “working group on digital asset markets,” which will be responsible for weighing the possibility of the United States forming a “national strategic reserve of digital assets,” among other things.

The promise to establish a reserve was one of numerous commitments Trump made to the crypto industry before he was re-elected. Although the idea stumped economists, it received an enthusiastic reception among bitcoiners. As rumors of an imminent announcement differential on Thursday, the price of bitcoin rose to $105,000 per coinjust shy of the record.

The order also requires the task force, which will be composed of leaders from various government branches, financial regulatory bodies, and the attorney general, to craft an appropriate set of regulations and laws governing the use of cryptocurrencies.

Earlier in the week, on Trump’s second day in office, the Securities and Exchange Commission (SEC), the US regulatory body that filed a series of lawsuits against cryptocurrency companies under the Joe Biden administration,established a “crypto working group.” Under new leadership following the departure of former President Gary Gensler, who was widely demonized in the cryptosphereThe SEC will develop a “comprehensive and clear regulatory framework for cryptoassets,” the agency stated.

Later that day, Trump granted clemency to Ross Ulbricht, who was serving a life sentence for crimes committed while running the infamous Silk Road darknet marketplace, one of the first websites to accept bitcoins as payment. After being arrested in 2013, Ulbricht became something of a martyr in crypto circles for his part in spreading the gospel of bitcoin.

These initial gestures indicate Trump’s willingness to fulfill previous campaign promises: pass several laws related to cryptocurrencies, reform the financial regulatory apparatus in the US, and incorporate cryptocurrencies into the US national treasury. The effects will be Extensive, crypto figures believe, will reverberate far beyond US shores and create the conditions for a new golden age for the industry.

“Our technology is very powerful and transformative. We need to implement it in different societies,” says Joseph Lubin, co-founder of Ethereum and CEO of software company Consensys. “And the United States is a reference for the rest of the world.”

Despite previously dismissing Bitcoin as a “scam,” Trump now has extensive ties to the crypto industry, many of whom high-profile members came out in support of his re-election campaign.

In the run-up to the 2024 election, crypto organizations donated hundreds of millions of dollars to crypto-focused super political action committees, which spent the funds supporting pro-crypto congressional candidates, many of them Republicans.

In the election campaign, Trump began to promote himself as the first “crypto president.” In July, in front of a rabid crowd of bitcoiners, Trump promised to turn the United States into a crypto-mining powerhouse and establish a national bitcoin reserve if he was re-elected. In the same speech, he promised to fire SEC Chairman Gensler, prompting the most enthusiastic applause of the night.

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