Trump Elected U.S. President: What’s His Stance on the Crypto Industry?

Washington (AP) – Donald Trump was elected as the 47th President of the United States on Wednesday, marking an extraordinary comeback for the former president who, four years ago, refused to concede defeat, sparked a violent uprising at the U.S. Capitol, faced criminal convictions, and survived two assassination attempts.

Trump secured crucial swing states, including Pennsylvania, North Carolina, and Georgia, garnering enough electoral votes to win. Although some states are still counting ballots, major media outlets have declared Trump the winner.

Donald Trumps stance on cryptocurrency has undergone a significant shift. During his previous presidency, Trump openly criticized Bitcoin and other cryptocurrencies, calling them a “scam” and warning about their potential use in illegal activities.

However, by 2022, Trumps position began to change as he launched his own NFT series. During his presidential campaign, he started accepting cryptocurrency donations, promising to secure the future of cryptocurrencies and Bitcoin in the U.S., rather than allowing them to be driven overseas. Additionally, Trump spoke at the Bitcoin Conference, pledging to make the U.S. a “Bitcoin superpower” and proposing a national Bitcoin strategic reserve.

This shift has attracted widespread attention in the cryptocurrency industry, with many believing it could foster a more favorable regulatory environment for cryptocurrencies in the U.S.

11 Key Promises

Spot On Chain summarized Trumps 11 promises regarding Bitcoin and cryptocurrency on social media:

· Dismiss SEC Chair Gary Gensler on the first day of office

· Establish a “National Bitcoin Reserve”

· Make the U.S. the “World Capital for Bitcoin and Cryptocurrency”

· Retain the U.S. governments current 203,650 BTC holdings ($14.95 billion)

· Remove capital gains tax on Bitcoin

· Support U.S. Bitcoin mining

· End regulatory crackdowns (“anti-crypto campaign”)

· Form a “Presidential Advisory Council for Bitcoin and Cryptocurrency”

· Protect the right to self-custody digital assets

· Reject issuing a Central Bank Digital Currency (CBDC)

· Commute the double life sentence of Silk Road founder Ross Ulbricht

Challenges and Influencing Factors

Trump‘s commitments to the cryptocurrency sector will face multiple legal, political, and administrative challenges and will require close collaboration with Congress, federal agencies, and state governments. However, recent congressional election results indicate that Republicans hold a majority in both the House and Senate, which could significantly aid Trump’s policy agenda.

The current SEC Chair, Gary Gensler, who has taken a cautious and strict stance on the crypto industry, was appointed by President Joe Biden in April 2021, with his term set to end on January 5, 2026. Donald Trump is scheduled to take office on January 20, 2025, which means he may need to work alongside Gensler for some time.

While the president has the authority to dismiss the SEC chair, it requires valid grounds, such as neglect of duty, inefficiency, or other forms of misconduct. Traditionally, when the opposition party takes the White House, the SEC chair often resigns voluntarily. This raises the question: if a more crypto-friendly SEC chair is appointed, it could potentially drive market prices to new highs.