Donald Trump’s January 20 White House comeback could indicate major developments for the bitcoin industry. According to reports, the president-elect wants to give executive orders aimed at crypto-related problems first priority on his first day in office.
Among the expected moves are steps to solve the dubious de-banking practice wherein financial institutions restrict services to crypto businesses. Under the Biden administration, Trump is also anticipated to change rules mandating banks with digital assets record them as liabilities on their balance accounts.
A source acquainted with the mentioned plans underlined that Trump’s staff sees these as pressing. Under what some referred to as “Operation ChokePoint 2.0,” the crypto sector has long attacked the regulatory stance of the previous government, arguing it impeded innovation and development.
Trump declared during his campaign that he wanted the US to dominate the world in financial technology and cryptocurrencies. Speaking at the Bitcoin 2024 conference, he promised to turn the nation into a “crypto capital” and alluded to establishing a strategic Bitcoin reserve to lighten regulatory load.
Prominent tech and cryptocurrency entrepreneur Marc Andreessen, a venture capitalist, is apparently significantly influencing the policy approach of the next government. Andreessen has been heavily involved in selecting applicants for roles supervising technology and cryptocurrency regulation.
Appointed by Trump to monitor artificial intelligence and cryptocurrency policy, David Sacks has been interacting with business executives to develop a legislative plan. The larger goal of the government is to create a favorable legislative environment encouraging expansion and creativity in the digital asset industry.
Apart from projects centered on cryptocurrencies, Trump might also cancel several executive orders made under Biden, including those pertaining to artificial intelligence. We expect the next government to change several important policies, thereby influencing the crypto sector and the entire IT scene.
The pledges of the president-elect to support industry and deregulation set the crypto market for notable changes. However, as analysts point out, the success of the government in striking a balance between innovation and regulatory control will determine the overall impact of these developments.
