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In the wake of President Donald Trump's re-election, the crypto community is energized by his 11 pledges aimed at overhauling US crypto regulations and fostering innovation to secure global leadership.
US Policy Shift: Trump’s Crypto Promises Ignite Bitcoin Optimism
Many people are quite excited about Donald Trump's plans for Bitcoin and the cryptocurrency industry as a whole, and this excitement has only grown after he won the 2024 US presidential election.
According to Coingape, because of these assurances, the value of Bitcoin has risen above $75,000. With his re-election, US policy has shifted dramatically, with an emphasis on positioning the country to become a world leader in cryptocurrency.
Trump’s 11 Key Promises to Crypto Supporters
A new article on Spot On Chain claims that Trump has made eleven important pledges to win over Bitcoin supporters. Among these pledges are revisions to regulations meant to make room for digital currency.
1) Removal of SEC’s Gary Gensler and Regulatory Overhaul
In his inaugural address, Trump vowed to remove SEC Chair Gary Gensler in order to revise crypto regulations. Gensler has played a pivotal role in the regulation of cryptocurrency. Trump's action demonstrates his intention to advocate for regulations that benefit the cryptocurrency sector.
Hester Pierce, a pro-crypto SEC commissioner, is one of several names that have been floated as possible replacements for Gary Gensler.
2) Building a National Bitcoin Reserve
Trump intends to establish a US "Bitcoin Stockpile" that will be treated similarly to a national gold reserve. The way digital assets are incorporated into US financial policy would undergo a dramatic change if this were to happen.
Like gold, this might help the flagship cryptocurrency transition from a risk asset to a safe haven.
3) Aiming to Make the US the Global Crypto Capital
To become the "crypto capital" of the world is a goal of Trump's government. An increase in crypto investments and new developments in the blockchain industry could result from this objective.
Many cryptocurrency companies have always preferred to keep their headquarters in other countries, but that might all change if Trump's plan goes through.
4) Commitment to Retaining Bitcoin Holdings
The US government presently holds 203,650 BTC ($14.95B), and Trump has pledged to keep all of it. To safeguard the asset from judicial confiscation and ensure its future expansion, he intends to establish a national reserve.
With Trump's administration aggressively buying more Bitcoin, the United States would further strengthen its position as the world's largest holder of Bitcoin.
5) Eliminating Capital Gains Tax on Bitcoin Transactions
The elimination of the capital gains tax on Bitcoin transactions is a part of Trump's strategy. Because of this, investing in, holding, and spending Bitcoin would become more attractive to US investors.
As a result, more companies will feel comfortable adding Bitcoin and other prominent cryptocurrencies to their balance sheets, which will increase institutional investment in the Bitcoin ecosystem.
6) Backing for US-Based Bitcoin Mining
To increase energy independence and take the lead in the digital economy, Trump intends to make Bitcoin mining in the US his top priority. Construction of mining infrastructure in the United States has his full backing.
It should be noted that the bulk of cryptocurrency miners now reside in the United States; this would further establish the country's supremacy in Bitcoin mining.
7) Ending the “Anti-Crypto Crusade”
The "anti-crypto crusade" will come to a halt as Trump seeks to ensure digital assets are treated fairly. He intends to establish a crypto-friendly climate with moderate regulation.
A related matter is that the soon-to-be president will remove Gary Gensler, the head of the US Securities and Exchange Commission and a vocal opponent of cryptocurrency, from his position.
8) Creating a Dedicated Crypto Advisory Council
A new advisory board to help shape regulations was unveiled by Trump. Leaders and activists from several industries will form the council to advise on policy.
The crypto sector and market as a whole stand to gain from the ideas proposed by this advisory group.
9) Protecting Rights to Self-Custody Crypto
The freedom to self-custody crypto assets is something that Trump has promised to safeguard. That way, people won't have to trust any institutions with their digital assets; they can retain full control over them.
Due to a lack of clear regulatory monitoring, many investors are still depending on the Spot Bitcoin ETFs and other crypto ETFs. This step will lead to further crypto usage.
10) Opposition to Central Bank Digital Currencies (CBDCs)
A CBDC would violate Trump's right to privacy and personal financial control, so he is vehemently opposed to the proposal. Any efforts by the CBDC will be obstructed by his administration.
Stablecoin issuers like Circle and Tether, whose currencies are USDT and USDC, would surely profit from this pledge.
11) Pledge to Commute Ross Ulbricht's Sentence
Silk Road creator Ross Ulbricht's double life sentence will be commuted, according to Trump's promise. This ruling exemplifies Trump's efforts to change the way the digital finance industry is regulated by the law.
The cryptocurrency community is keeping a careful eye on Trump's campaign rhetoric to determine whether his pledges will alter the national crypto environment as he prepares for his presidency.
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