Bitcoin Soars as Trump Plans to Make Cryptocurrency a National Priority!

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As a researcher delving into the fascinating world of cryptocurrencies, I find myself intrigued by the recent surge in Bitcoin‘s price, soaring beyond $102,000. This remarkable spike appears to be a direct response to the news that President-elect Donald Trump intends to prioritize cryptocurrency on a national level.

According to various sources, the incoming administration is readying executive orders to bolster the cryptocurrency sector. These measures are expected to encompass new strategies to foster industry expansion and simplify regulations, aiming to create a more conducive environment for the sector’s growth.

Donald Trump Executive Order to Focus on Cryptocurrency 

It’s reported that President-elect Donald Trump is considering a directive aimed at integrating cryptocurrency as a crucial component within the U.S. economy. This order is expected to urge regulatory bodies to collaborate closely with the cryptocurrency sector, and establish a crypto advisory panel. This group would serve as a platform for industry players to voice their concerns and offer suggestions.

Based on reports, there’s a possibility that the executive order could be issued on Inauguration Day (January 20) during President Trump’s term. This action might temporarily halt all existing cryptocurrency cases and instruct all government departments to review and reconsider their current positions regarding digital currencies.

According to Brian Hughes, representing Trump’s transition team, it was stated that President Trump intends to fulfill his promise by boosting American influence within the cryptocurrency sector.

Creation of a Bitcoin Reserve Under Discussion

One proposal currently being considered during the Trump administration involves establishing a national Bitcoin reserve using confiscated digital assets. As reported by Arkham Intelligence, the U.S. government currently holds approximately $20 billion worth of Bitcoin and other cryptocurrencies, which were seized through law enforcement efforts.

As a researcher, I’ve come across an intriguing suggestion from the Bitcoin Policy Institute: they propose that $21 billion be allocated for acquiring Bitcoin as a strategic reserve asset for the U.S. This move could potentially provide a robust tool for managing our national debt and bolstering our economic standing on the global stage. However, recent discussions have sparked concerns over plans by the US Marshals to liquidate their seized Bitcoin holdings, which might conflict with the strategy of establishing a Bitcoin Reserve. Senator Cynthia Lummis has voiced her opposition to these plans, arguing that such actions could undermine our strategic Bitcoin reserve initiative.

Furthermore, hints suggest that the Trump administration could potentially broaden the cryptocurrency reserve to include other digital currencies like Solana (SOL) and Ripple (XRP). This move is thought to be part of a larger strategy aimed at expanding the nation’s portfolio of crypto assets.

Review of Banking and Accounting Policies

Under the new Donald Trump administration, it’s anticipated they’ll address issues related to cryptocurrency being dropped by banks and potentially reverse accounting rules that view bank crypto holdings as liabilities. These changes aim to streamline how financial institutions handle digital assets, thereby making it easier for them to store and manage these assets effectively. This could pave the way for a wider market participation in the digital asset sector.

Simultaneously, as reported by The Washington Post, the SEC might reconsider ongoing lawsuits involving cryptocurrency companies. Sources close to the matter suggested that cases lacking fraud charges could potentially be postponed under the new administration.

Stuart Alderoty, the Chief Legal Officer at Ripple Labs, has suggested that ongoing legal actions against the company could potentially be dismissed during the tenure of the Trump administration.

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2025-01-17 05:58