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Inside Trump’s Crypto Vision: National Bitcoin Reserve and Executive Order in the Works
As President-elect Donald Trump prepares to return to the White House, he is reportedly considering issuing an executive order that prioritizes cryptocurrency. The move could have far-reaching implications for the industry.
According to Bloomberg, sources close to the matter claim that Trump has been discussing a plan with industry leaders and project founders, which would see him make cryptocurrency a national priority. This new approach could result in a significant shift in how government agencies engage with the crypto space.
One of the key points under consideration is the review of digital asset policies and potentially suspending legal actions targeting prominent companies such as Coinbase and Ripple. The goal is to create a more favorable regulatory environment for the sector, which has grown exponentially over the past few years.
Under current administration, the Securities and Exchange Commission (SEC) has initiated over 100 enforcement actions against digital asset firms in the US, leading many industry participants to leave the market due to the uncertainty created by these actions. Stopping these legal actions would be a significant move towards providing clarity for the sector.
Another proposal reportedly being discussed is the establishment of a Bitcoin reserve. This concept would involve reviewing and potentially expanding the government’s current holdings of seized BTC, which were obtained following the Silk Road crackdown. The US government currently holds 198,109 BTC, valued at over $20 billion based on recent market prices.
Advocates believe that establishing a national Bitcoin reserve could have positive implications for the nation’s financial position if cryptocurrencies continue to gain global recognition and prominence. However, not all are in support of this idea.
Some industry leaders have expressed concerns about the potential consequences of such a move, labeling it as “fake news” or suggesting it would damage credibility. As more information becomes available, we will continue to monitor this developing story and provide updates accordingly.
It is worth noting that companies behind some of the projects mentioned in this article, including Solana (SOL), Ripple (XRP), and USD Coin (USDC), have yet to comment on these matters.
The proposed executive order would likely be a significant shift for the cryptocurrency space, potentially creating a more favorable regulatory environment and altering the government’s stance on digital assets.
Source: blockonomi.com
