The crypto industry is optimistic about regulatory changes that Donald Trump might introduce immediately after assuming office on January 20.
Approval of Domestic Cryptos
According to sources, Donald Trump is exploring the creation of an 'America-first' digital asset reserve, emphasizing cryptocurrencies developed within the United States. This initiative aligns with previous discussions about forming a strategic Bitcoin reserve.
Trump's Potential Actions
Reports suggest that Trump and his team are drafting executive orders to promote cryptocurrencies. One major action under consideration is repealing the controversial crypto accounting rule, SAB 121. The proposed 'America-first' reserve could also prioritize digital assets such as XRP, Solana, and the USDC stablecoin, which have strong U.S. connections.
Crypto Community's Expectations
The crypto community views Trump's inauguration as a potential turning point after periods of strict regulation under the Biden administration. The new administration is expected to address these issues through executive orders, proposing a Bitcoin reserve and ending practices that exclude crypto firms from traditional banking services.
The appointment of venture capitalist David Sacks as the first AI and crypto czar for the U.S. reinforces the industry's expectations. The planned 'Crypto Ball' highlights the sector's hopes for improved regulatory conditions.
