Donald Trump, who positioned himself as a pro-crypto candidate in the recent United States election, is on his way to the White House.
Before winning the election, he made several promises to the crypto sector.
The most popular plan is to fire current SEC chair Gary Gensler on day one.
Other promises involve fairer regulation, lower interest rates, and generally favorable crypto policies for the sector.
Even before winning the election, Donald Trump positioned himself as heavily pro-crypto.
This earned him massive support from the crypto community, with several executives, including the Winklevoss Twins, Peter Thiel, and Jesse Powell, fully backing his aspirations.
His campaign was filled with promises aimed specifically at the crypto sector.
During several rallies, he vowed to reform regulations, protect crypto companies, and create a favorable environment for the U.S. sector.
Here’s a breakdown of ten of his biggest promises to the community:
Trump announced plans to establish a national Bitcoin reserve during the Bitcoin Conference in Nashville.
Unlike previous presidents who auctioned off seized crypto assets, Trump vowed to indefinitely retain all new Bitcoin holdings.
The main idea is to create a strategic reserve similar to the gold reserves the country already holds.
Said reserve will be used to keep America at the forefront of the crypto race.
Bitcoin as a reserve asset
“If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires in the future,” he declared.
Gary Gensler, the current SEC Chair, has been criticized repeatedly by Trump for his aggressive approach to regulation in the crypto sector.
In several rallies, Trump promised that firing Gensler would be his first act in office.
Even though presidents don’t have the power to fire the SEC chair (or any other similar official), his actions towards the matter remain to be seen.
“The rules will be written by people who love your industry, not hate your industry,” Trump said.
Trump also has plans to make the U.S. a major player in the crypto mining industry.
He promised that all Bitcoin mining would happen within American borders under his leadership.
This vision aligns with the incoming president’s policy on energy independence.
He aims to reduce reliance on foreign miners from China and Russia by promoting domestic Bitcoin mining.
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,”
Another major promise that Trump made was to pressure the Federal Reserve to cut interest rates.
This move would generally encourage borrowing and lead to surges in the crypto market—if history repeats.
With cheaper credit and lighter monetary policies, Trump believes that the crypto sector could be poised for major growth.
Lower interest rates in the U.S.
The U.S. will also become the global capital for crypto innovation under Trump’s leadership.
He believes that by encouraging a favorable environment (in terms of regulation), the U.S. will become a place where crypto companies can thrive.
During the campaigns, he pointed out that American developers, entrepreneurs, and investors should be the major beneficiaries of crypto’s success.
“The United States can and will lead the world in crypto, and we’ll do it with clear and fair regulations,”
Trump promised to establish a “Bitcoin and Crypto Presidential Advisory Council” within his first 100 days in office.
He promised to ensure all incoming policies align with the industry's needs.
This council would consist of crypto experts who will work together to shape transparent regulations for the industry.
He sees this council as a bridge between the government and the crypto community, where both parties can engage in constructive dialogue.
Trump has voiced his support for the right to self-custody.
In essence, he believes individuals have a right to hold their own crypto assets.
He stated that he recognizes the importance of financial freedom in the digital age.
To this end, he promised to protect Americans' ability to manage their assets securely.
This promise was met with massive support, as many in the industry see self-custody as a major part of financial independence.
“Americans deserve the freedom to hold their crypto without interference,”
Unlike other countries exploring CBDCs, Trump doesn’t believe in this class of crypto.
He says that CBDCs could be used to infringe on financial privacy and promised not to pursue one.
No CBDCs in the U.S.
“We don’t need Big Brother watching every transaction. The American people should have the right to privacy in their financial lives,”
Trump has taken a stance against the “debanking” of crypto firms.
He argues that this kills innovation and that under his administration, banks will be free to serve crypto clients without fear of repercussions.
This is especially important for crypto companies that have struggled to work with banking services.
“The hostile approach the banking regulators have taken under the Biden Administration needs to be corrected,”
Finally, aside from sacking Gensler, Trump promised the crypto industry clear regulatory policies.
He believes that past administrations confused the sector and discouraged innovation.
Clarity in the U.S.
His regulatory vision involves rules that favor consumers without forcing the companies that serve them to carry unnecessary burdens.
“Clarity is what the industry needs to thrive,” he said.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.