✅ Donald Trump's populist promises for the crypto community sound attractive to investors and enthusiasts, but their implementation is fraught with difficulties. Let's consider how realistic these plans are:
1️⃣ Implementing Bitcoin as a strategic reserve asset - This is very ambitious, but unlikely. Including Bitcoin in the national reserve would require a change in financial policy and the consent of US financial institutions that traditionally rely on the dollar and gold.
2️⃣ Banning the creation of a central bank digital currency (CBDC) — The introduction of a CBDC is generally the responsibility of the Federal Reserve, not the president. A veto of a CBDC could be met with resistance in Congress and would require a lot of support.
3️⃣ Firing Gary Gesler - Firing the head of the SEC is theoretically possible, but requires compelling justification and could create legal complications if perceived as politically motivated.
4️⃣ Making America the Crypto Capital of the World — Creating an attractive ecosystem for the crypto industry will require legislative support, tax policy changes, and clear regulation. This could take years and will require significant buy-in from legislators.
5️⃣ Using Bitcoin to solve the national debt problem — Bitcoin is extremely volatile, and using it to cover the national debt would put the US economy at great risk. Such a plan would likely be met with resistance from economists and financial regulators.
6️⃣ Encouraging Crypto Innovation to Create the Greatest Economy — Encouraging crypto innovation is possible if the right regulatory framework is in place. However, achieving the “greatest economy” will require a much more comprehensive strategy than just crypto innovation.
7️⃣ Stopping Democrats' "illegal repression" of the crypto industry - The wording sounds more like a political statement, since many of the restrictions are related to attempts to regulate the industry, rather than political motives.
8️⃣ Protecting the right to mine and store cryptocurrency on your own — This step is possible if legislation ensures the rights of users to store their assets. However, this will raise questions about energy consumption and network stability.
9️⃣ Establishment of an advisory committee on crypto regulation - This is entirely feasible and has already been implemented in other countries. Such a committee could be an important step towards creating thoughtful regulation of cryptocurrencies.
🔟 The people who support the industry will write the rules for the crypto industry - Choosing such people for important positions may raise criticism about the impartiality of regulation, and this may meet with significant resistance.
✅ Ultimately, Trump's promises concern very large-scale reforms that require not only his initiative, but also the support of other branches of government and the general public. Their implementation, although possible in limited forms, will require significant efforts and compromises.
What do you think about this?
