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Cryptocurrency market awaits dispatches from Trump on the 1st day in office
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With the imminent inauguration of President-elect Donald Trump in January 2024, expectations are high in the cryptocurrency sector. After all, during his campaign, Trump presented himself as a supporter of cryptocurrencies, promising to be a “pro-crypto president”.
Now, the industry is putting pressure on his team to deliver on this promise with a series of executive orders on the first day of government.
According to Reuters, the industry’s main demands include creating a strategic Bitcoin stasheasier access to banking services and the formation of a council dedicated to cryptocurrencies.
Industry experts believe that these measures could help popularize cryptocurrencies and provide a more favorable environment for the growth of digital assets. Rebecca Rettig, legal director at Polygon Labs, for example, highlighted the It is important that executive orders clearly define the new administration’s priorities from day one.
Expectations have affected the volatility of cryptocurrencies
The previous administration, under Joe Biden, took a stricter regulatory approach, focusing on combating crime and volatility in the cryptocurrency market. To differentiate itself from its predecessor, Trump has promised to reverse this, seeking to encourage US innovation and leadership in the sector.
Trump’s team is already forming, with the appointment of Paul Atkins to the SEC, a cryptocurrency advocate, and David Sacks, who has been called the White House’s cryptocurrency czar.
Recently, Bitcoin reached new records, surpassing US$ 107 thousand, driven by Trump’s promises. However, the value of the cryptocurrency fell to close to US$95,000, showing that many still do not trust that the promises will be implemented in practice.
Analysts are divided on whether Trump will use executive orders to create a strategic Bitcoin reserve. After all, this could require congressional approval.
Furthermore, Trump has committed to ensuring that banks do not exclude cryptocurrency companies from the financial system. Companies in the sector often complain about a lack of access to banking services due to regulatory scrutiny.
Although an executive order could signal a change in direction, sources interviewed by the news agency warn that this may not have immediate legal force. This is because banking regulators operate independently.
Cryptocurrency market awaits dispatches from Trump on the 1st day in office
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Cryptocurrency market awaits dispatches from Trump on the 1st day in office
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Cryptocurrency market awaits dispatches from Trump on the 1st day in office
