Donald Trump has convincingly won the US presidential election and will take office in January. He ran as a pro-crypto candidate during the campaign and is now empowered to implement more crypto-friendly policies.
The new US president will focus on stopping anti-crypto actions by federal regulators and legislatures and passing sweeping new laws for the industry.
Donald Trump's total victory
Donald Trump has significantly outperformed expectations in the US presidential election, sailing to a confident victory. Previous polls had suggested a tight election. However, Trump made substantial gains across almost the entire map.
Read more: Crypto Regulation: What are the Benefits and Drawbacks?
Areas where Trump outperformed his 2020 campaign. Source: The New York Times
Additionally, Trump made a wide range of pro-crypto promises during the campaign, particularly supporting Bitcoin. For example, he promised to create a Bitcoin reserve and stop attempts to sell the US government’s reserves.
However, he also criticized the idea of supporting an official CBDC “digital dollar.” In other words, the new US president should focus on existing assets.
Furthermore, his promises have often included the broader industry. In August, he promised to make the US a “crypto capital” by offering to implement a set of more friendly regulations. A cornerstone of this new strategy is his promise at the Nashville Bitcoin Conference to fire SEC Chairman Gary Gensler. This commitment was met with thunderous applause, and it seems very likely to happen.
“I didn’t know he was so unpopular! Let me say it again: On day one, I will fire Gary Gensler!” Trump said in July, reacting to a resounding approval from the crowd.
A new legal paradigm for crypto
Once Gensler is out of office, the president plans to implement a number of productive crypto policies. First, he has promised to stop the SEC and other regulators from continuing their crackdown on exchanges and other businesses. Several crypto opponents have also lost their races, which will help slow the momentum of hostile legislation.
Read more: Who is Gary Gensler? Everything you need to know about the SEC chairman
As a final symbol of his plan to end hostility to crypto, Donald Trump also pledged to free Silk Road founder Ross Ulbricht. An early proponent of Bitcoin, Ulbricht has been in prison for ten years and since his arrest has become a cause célèbre in the community. If Ulbricht is released under Trump's authority, it will be a true milestone for government reconciliation.
However, Trump has promised to make positive impacts on the industry, not just reverse the negative ones. Political aides are creating a comprehensive list of executive actions he could take once he takes office, as well as a strategy for sweeping new regulations for the space. Trump has also explored more innovative uses, such as crypto’s role in alleviating the national debt.
In this way, Trump campaigned on a bonanza of potential benefits for the crypto market. If even half of these promises are fulfilled, it could permanently alter the industry’s volatile relationship with the federal government.
The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is poised to be a game-changer for the industry’s growth. Just like the space race or the recent developments in Bitcoin mining, we’ve always believed that when America moves forward with crypto adoption, it will do so with enthusiasm — and ultimately, it will lead the way globally. Now, we’re on the cusp of seeing that shift happen, making widespread crypto adoption in the U.S. seem more certain than ever, Jean-Marie Mognetti, CEO of CoinShares, told BeInCrypto.
The article What were Donald Trump's promises for the crypto market? was first seen on BeInCrypto Brazil.
