Donald Trump, once an outspoken critic of Bitcoin, has now emerged as one of the crypto market’s biggest supporters. As he unveils ambitious plans for a pro-crypto policy, the industry is focusing on what it wants to see in return: less strict regulation, clarity on laws and government support for digital assets.
From skeptic to crypto champion
Trump, who once called Bitcoin a “scam,” took a very different tone during his 2024 election campaign. At the Bitcoin 2024 conference in Nashville, he praised the digital currency as a symbol of freedom and called for making the United States the world leader in crypto. This unexpected turn of events won him support from prominent industry figures such as Marc Andreessen, Elon Musk and the Winklevoss twins, who collectively donated millions to his campaign.
Industry expectations
Although Trump has announced plans to build a strategic Bitcoin reserve and wants to offer more space to the industry, the crypto sector has clear demands in return. Many companies are calling for a less stringent approach from regulators such as the SEC and want clear legal definitions for digital assets. Classifying crypto as commodities instead of securities is high on the agenda, because this would bring the industry under the milder regulations of the CFTC. In addition, the sector is pushing for better access to banks, which have so far been reluctant due to the strict attitude of supervisors.
How Trump influences the market
Since his election victory, cryptocurrencies have seen an impressive rise. Bitcoin hit an all-time high of $108,000 in December and remains high on optimism about a looser regulatory environment. The growing demand for Bitcoin ETFs, which have now attracted $110 billion in investments, also contributes to the positive market mood.
Trump’s plans and promises
The announcement of Paul Atkins as head of the SEC and David Sacks as crypto and AI chief underlines Trump’s intention to support the crypto sector. In addition to plans for a strategic Bitcoin reserve, he has suggested that the US should play a more important role in Bitcoin mining. Although the latter will be a challenge due to the nature of decentralized networks, these promises show that crypto is taking a central place in its policy.
Lasting uncertainties
Despite the optimistic prospects, the question is how far Trump’s policies will actually go. The industry expects a lot, but policy changes take time and will depend on political compromises and economic conditions. Yet the expectation remains that Trump could mark an important turning point for the American crypto market and perhaps even the global sector.
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Source: https://newsbit.nl/trumps-crypto-ommekeer-wat-de-industrie-wil-en-wat-trump-belooft/
