Oh, what a tangled web we weave when first we practice to deceive! Or, in this case, when we dabble in the world of cryptocurrencies. With President Donald Trump at the helm, the crypto industry is holding its breath, hoping for an executive order that could ban the US central bank digital currency (CBDC), affectionately known as the Digital Dollar. Last year, during his presidential campaign, Trump made a solemn vow to the industry, and now is the hour to put his money where his mouth is. But let’s not forget, there’s also a growing clamor for Trump to establish a strategic Bitcoin reserve. Oh, the drama! 😱
Will Trump Axe the US CBDC Digital Dollar with an Executive Order? 📝
According to the fabulous Fox Business journalist Eleanor Terret, our dear leader is rumored to sign not one, but two groundbreaking executive orders concerning the realm of cryptocurrency. One decree shall summon a crypto council into existence, while the other might just put the kibosh on the creation of a Central Bank Digital Currency (CBDC). How thrilling!
It seems the Crypto Council is set to convene this Thursday, and the crypto industry is bracing itself for some monumental decisions. However, the specifics of these executive orders remain as elusive as a cat in a coal mine. Yet, the mere whisper of such actions has sent ripples of excitement and speculation throughout the crypto community. Stay tuned, my friends! 🎉
Recall, if you will, how Donald Trump pledged his allegiance to Bitcoin last year. He swore on a stack of Bibles that he would never let a US CBDC see the light of day. Meanwhile, the notion of building a strategic Bitcoin reserve has gained considerable traction. Our beloved President has even suggested that Bitcoin as a reserve asset could aid in diminishing the gargantuan $36 trillion US National Debt. Quite the proposition, wouldn’t you say? 💸
What Shall We Anticipate in the Trump Era? 🕰️
Many in the crypto industry were convinced that Donald Trump would bestow upon them crypto executive orders on the very first day of his reign. Alas, their hopes have yet to be realized. Now, the question on everyone’s lips is whether Trump will honor his promises to the crypto community and follow through. Here are a few market expectations for the initial 100 days of his tenure.
A Strategic Bitcoin Reserve Over a US CBDC 🏦
The desire for a strategic Bitcoin reserve has been at the forefront of the industry’s agenda, with even Donald Trump singing its praises. Industry titans like Michael Saylors and the esteemed crypto exchange Coinbase have thrown their weight behind this cause.
As we await an executive order to bring this dream to fruition, Wyoming Senator Cynthia Lummis has emerged as a vocal advocate. She has vehemently opposed the idea of a US CBDC or any form of USA coin, reminding us all to “Decentralize the savings.” Wise words indeed! 🙏
Don’t be dazzled by glittering baubles.
Strategic. Bitcoin. Reserve.
Washington is a murky swamp. Decentralize the savings. #BitcoinAct
— Cynthia Lummis (@CynthiaMLummis) January 20, 2025
The White House Crypto Council 🏛️
It appears that the Trump administration is considering the formation of a presidential crypto council, consisting of roughly 20 luminaries from the cryptocurrency industry. This council, which may include prominent CEOs and founders, will offer policy guidance and advise on digital asset matters, shaping the administration’s stance on crypto regulation during Trump’s reign.
To create a crypto-friendly regulatory atmosphere, Trump has appointed David Sacks as the White House’s crypto czar. There are whispers that Trump will permit US banks to provide crypto trading services and that the SEC leadership will repeal the contentious Staff Accounting Bulletin 121 (SAB 121) rule. Exciting times ahead, wouldn’t you agree? 🚀
A Pardon for Silk Road Founder Ross Ulbricht? 🕵️♂️
During the presidential campaign last year, Donald Trump hinted that he would shorten the sentence of Ross Ulbricht, the founder of Silk Road, on his very first day in office. Though the Trump team has remained tight-lipped on the matter, insiders suggest that a pardon for Ulbricht’s sentence may be imminent within the first 24-48 hours. Only time will tell if this cryptic promise will come to pass. 🕰️
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2025-01-21 10:46