Donald Trump’s inauguration as the 47th U.S. President has generated excitement in the cryptocurrency world, with many expecting a major shift in crypto policies. Trump has already announced plans for over 100 executive orders, and experts are predicting changes that could affect everything from crypto trading at banks to the end of the controversial Operation Chokepoint 2.0.
Read on to know more.
In a recent report by Reuters, Circle CEO Jeremy Allaire shared that Trump is expected to announce important executive orders right after his inauguration. These policies, according to Allaire, would simplify crypto trading for banks, making it easier for clients to invest in and hold digital assets.
One major change Allaire is looking forward to is the possible rejection of the SEC’s Staff Accounting Bulletin 121 (SAB 121), which he believes makes it harder for banks to hold crypto assets.
“I’m strongly in favour of repealing it and I would hope that President Trump would take that action,” he noted.
Allaire also called on Congress to speed up the creation of a clear regulatory framework for digital assets.
Operation Chokepoint 2.0, an alleged government crackdown on the crypto industry, has made it difficult for crypto companies to access traditional banking services. Increased scrutiny by the SEC and FDIC has caused many banks to stop offering crypto-related services.
XRP lawyer John Deaton has urged the government to take action and end Operation Chokepoint 2.0. As Trump prepares to sign over 100 executive orders on his first day, the crypto community is hoping that some of those will focus on improving the relationship between crypto and traditional finance.
The crypto industry is hopeful about the future, especially with Paul Atkins, a known crypto advocate, appointed as the new SEC Chair. Experts believe that clearer rules around digital assets could help resolve major legal battles, such as the Ripple vs. SEC case, and encourage the adoption of crypto-friendly policies.
Despite the positive outlook, Trump’s administration hasn’t listed crypto as a priority in its initial communication with Republican lawmakers. His inauguration speech also didn’t mention crypto, which has surprised many in the crypto community.
As a result, Bitcoin’s price has dropped, with the market reacting cautiously as everyone waits to see how the new administration will handle crypto policies.
With key decisions on the horizon, the coming months will reveal whether Trump’s crypto policies can live up to the hype.
Ripple USD (RLUSD) has seen a huge boost, with over $100 million issued since April…
Since the inauguration of the new president of the US, the markets have remained highly…
With the introduction of easy memecoin generation, Solana took off last January post pumpfun launch…
The U.S. House Financial Services Committee has pushed forward the STABLE Act, a major step…
Bitcoin (BTC) price led the wider altcoin market, led by Ethereum (ETH) and XRP, in…
The crypto market today has taken a notable hit, following the trade tensions from Trump’s…
