As Donald Trump prepares for his inauguration, the US cryptocurrency industry is urging him to follow through on campaign promises to push cryptocurrencies mainstream.
Key Industry Demands
Industry insiders are pushing for Trump to create a national bitcoin stockpile, ensuring the US holds a strategic reserve of bitcoin. This could be done through the Treasury Department, although some experts believe this may require Congressional approval. Plus, crypto firms are seeking easier access to banking services, as many have struggled with financial institutions reluctant to engage with them due to regulatory concerns.
Crypto Council and Regulatory Overhaul
Trump’s team is considering the creation of a crypto industry council to help guide policy and provide a structured approach to the growing sector. Furthermore, the industry expects Trump to address regulatory issues, pushing for a review of existing rules to better suit the unique needs of cryptocurrencies.
Market Impact
Bitcoin’s price surged to new highs, surpassing $107,000, after Trump announced plans for a Bitcoin Reserve. It has since dipped below $100,000. Despite the bullish call, Bitcoin reacted negatively to recent Federal Reserve comments and the Department of Justice’s court approval to sell seized bitcoins, resulting in a drop to the $94,471 level.
The US crypto industry is keenly anticipating Trump's actions in supporting cryptocurrency assets, although warnings about potential market instability remain.
