Trump’s crypto project is here

The wheels are already turning on Donald Trump’s plan to turn the United States into “the world.”The crypto capital of the planetAfter his return to the White House.

in Executive order Signed on Thursday, Trump created a “Working Group on Digital Asset Markets,” which will be responsible for studying the possibility of the United States forming a “strategic national stockpile of digital assets,” among other things.

The promise to create a stock was one of several commitments Trump made to the cryptocurrency industry ahead of his re-election. Despite the idea Economists are stumpedAnd I got an A Great reception Among Bitcoin users. like Rumors of an imminent announcement Thursday spread, price Bitcoin rose to $105,000 per coinjust below the record.

It also requires the working group — which will include leaders of various government branches, financial regulatory bodies and the Attorney General — to come up with an appropriate set of regulations and laws governing the use of cryptocurrencies.

Earlier this week, on Trump’s second day in office, the Securities and Exchange Commission (SEC) – the US regulatory body that brought… A barrage of lawsuits Against cryptocurrency companies under the Joe Biden administration —decided “Crypto Task Force.” Under new leadership after the departure of former President Gary Gensler, who was widely… Satanic in the world of cryptoThe SEC will work to develop a “comprehensive and clear regulatory framework for cryptocurrency assets,” the agency stated.

Later the same day, Trump Grant clemency To Ross Ulbricht, who was serving a life sentence for crimes he committed while running the notorious dark web marketplace Silk Road, one of the first sites to accept Bitcoin as payment. After his arrest in 2013, Ulbricht became something of a martyr in cryptocurrency circles for his role in spreading the Bitcoin gospel.

These initial gestures indicate Trump’s willingness to follow through Previous campaign promises: To pass several legislation related to cryptocurrencies, reform the financial regulatory apparatus in the United States, and link cryptocurrencies to the US National Treasury. Cryptocurrency figures believe the effects will be widespread, reverberating far beyond US shores, and creating the conditions for a new golden age for the industry.

“Our technology is very powerful and transformative. We need to spread it to different communities,” says Joseph Lubin, co-founder of Ethereum and CEO of software company ConsenSys. “And America is setting the standards for the rest of the world.”

Despite his previous dismissal of Bitcoin as a “scam,” Trump has now done so Extensive ties to the crypto industryand many prominent members of them He came out to support From his re-election campaign.

In the run-up to the 2024 elections, cryptocurrency regulators Donated hundreds of millions of dollars To crypto-focused super PACs, which have spent money supporting crypto-friendly congressional candidates, many of them Republicans.

During the election campaign, Trump began describing himself as the first “Head encoder“. In July, in front of A A rabid crowd of Bitcoin usersTrump has promised to turn the United States into a cryptocurrency mining powerhouse and create a national stockpile of Bitcoin if he is re-elected. In the same speech, he pledged to fire Gensler, the head of the Securities and Exchange Commission, which sparked a round of applause that night.