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Lobbying and the Hopes of the Crypto Industry
The cryptocurrency industry is actively lobbying the team of President-elect Donald Trump, hoping for a quick fulfillment of the promises made during the election campaign. Industry officials want to see action from the first day of the board, January 20. At the center of their expectations are the creation of a strategic bitcoin reserve, access to banking services, and the formation of a cryptocurrency council.
Trump's Promises to Become a "crypto president"
During his campaign, Trump repeatedly stated that he would become the "president of cryptocurrencies," which aroused great enthusiasm in the crypto community. He promised to reform digital asset policy and support American leadership in this area. Industry representatives insist that these reforms be implemented within the first 100 days, and expect that one of the decrees may be issued as early as January 20.
Possible actions on the first day
According to reports, Trump intends to sign several executive orders on the first day of his presidency. Among them, there will probably be orders aimed at supporting cryptocurrencies. Possible steps include recognizing bitcoin as a strategic reserve asset, softening the attitude of banks towards crypto companies, and creating a specialized council for the cryptocurrency industry.
"Given the nature of the campaign, it would be crucial that Trump's executive orders set out real priorities for day one and provide some kind of roadmap," said Rebecca Rettig, director of legal affairs at Polygon Labs.
Contrast with Biden's policies
Current President Joe Biden has tightened regulation of cryptocurrencies, focusing on combating volatility and rising crime. In contrast to this approach, Trump promises to "encourage innovation" and support American leadership in the field of digital assets.
Crypto Industry Initiatives
One of the key initiatives is the creation of a strategic bitcoin reserve. The draft decree, developed by the Institute for Bitcoin Policy, proposes to recognize the cryptocurrency as a strategic asset and allocate $21 billion for its purchase during the year. Zach Shapiro, the head of the Institute, believes that this will allow the United States to outpace its geopolitical rivals in monetizing bitcoin.
However, analysts disagree on whether Trump will be able to implement such an initiative through an executive order or whether Congressional approval will be required.
Access to banking services
Another important task for the crypto industry is to provide access to traditional financial systems. Crypto companies complain about banks' unwillingness to cooperate with them due to strict regulation. Although Trump promised to solve this problem, experts warn that the president's orders may not have legal force for independent banking regulators.
Creation of the Cryptocurrency Council
Trump also plans to create a council for the cryptocurrency industry. This body can be structured based on the models of specialized councils of previous administrations. The Council will develop new approaches to regulation, which will contribute to the development of the industry and the removal of legal barriers.
Conclusion
Expectations from the first day of the Trump presidency are high. Fulfilling his promises to support cryptocurrencies can give a powerful impetus to the development of the industry and strengthen its position at the global level. However, the success of these initiatives will depend on how quickly and effectively they can be implemented in a difficult political and economic environment.