Donald Trump announced a bold plan to cut 10 regulations for every new regulation, promising unprecedented deregulation to boost jobs, innovation, and economic growth.
Regulatory overhaul: Explanation of Trump's ambitious 10-to-1 cut strategy
President-elect of the United States Donald Trump is preparing to initiate comprehensive regulatory reforms across various industries, promising significant changes to boost economic growth. Speaking on Monday, Trump emphasized his administration's commitment to reducing regulations that he described as harmful to job growth, outlining a bold regulatory approach. He declared:
Preparations are underway to massively cut job-killing regulations, eliminating 10 old regulations for every new one. You introduce a new regulation, you must remove 10 regulations, and we will be able to do that.
Reflecting on his previous term, he added: “We cut more regulations than any president has ever cut, actually about five times more. Unfortunately, some of those regulations have been brought back, but we will catch up very quickly. We will catch up.”
Although Trump did not specifically mention cryptocurrency regulations in his speech on Monday, his recent actions indicate a shift towards a more cryptocurrency-friendly regulatory environment. He has voiced support for reducing barriers in the cryptocurrency space, including proposals to establish a strategic bitcoin reserve fund.
By nominating key supporters of innovation, such as appointing Paul Atkins as Chairman of the U.S. Securities and Exchange Commission (SEC) and appointing a Treasury Secretary who supports advancements in cryptocurrency, Trump appears ready to position the United States as a global leader in the digital currency industry. These moves, coupled with the surge in bitcoin prices exceeding $100,000, highlight the potential impact of his policies on the sector.
Trump's broader deregulation agenda includes appointing Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency (DOGE), a newly established agency aimed at overhauling the federal administrative machinery. Musk and Ramaswamy have been tasked with cutting regulations, auditing agencies like the IRS, and implementing cost-cutting measures to reduce federal spending. These initiatives align with Trump's longstanding commitment to minimizing government intervention and promoting economic growth through regulatory relief.
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