Donald Trump Announces Support For Cryptocurrency Companies
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Donald Trump, who will soon begin his second term as President, has plans to help cryptocurrency companies. He wants to reduce rules that experts believe make it hard for these companies to grow.
Trump believes cryptocurrencies, like Bitcoin, should have a stronger place in the financial world, and he wants to take action right away.
Trump Aims To Propel Cryptocurrency Into Mainstream Adoption
Trump had talked about becoming a “crypto president” during his campaign. Now, he plans to keep that promise by signing executive orders. One idea is to create a special group called a crypto advisory council.
This group, which could have up to 20 members, would give advice to the government on how to create friendlier policies for cryptocurrency businesses.
Another important action is aimed at changing a rule by the Securities and Exchange Commission (SEC). This rule, known as “SAB 121,” has made it very expensive for banks to hold cryptocurrencies for their customers. Trump wants to remove this rule so banks can work more easily with cryptocurrencies.
Trump also plans to end what some people in the crypto world call “Operation Choke Point 2.0.” This is what they believe is an effort by regulators to push crypto companies out of the banking system by making banks refuse services to them.
However, bank regulators say such an effort does not exist. Trump’s team thinks removing these barriers will help cryptocurrency companies grow.
The plan shows how much Trump supports the idea of digital money. By doing this, he wants to send a strong message that his administration will be crypto-friendly. Experts say these changes could help cryptocurrencies become more accepted by everyday people.
Trump Wants To Prioritize Digital Economy Growth
This approach is very different from the one taken by President Joe Biden. During Biden’s time, his regulators took strong action against many cryptocurrency companies. For example, companies like Coinbase, Binance, and Kraken faced lawsuits for breaking financial rules.
These steps were meant to protect people from fraud and illegal activities, but critics said they hurt the growth of the industry.
Some people are still worried about the dangers of cryptocurrency. They point to the problems caused by some famous crypto leaders, like Sam Bankman-Fried, who went to jail for fraud, and Changpeng Zhao, who faced money laundering charges.
These cases show the risks in the crypto world, and not everyone agrees with Trump’s plan to make the rules easier.
Trump has strong supporters from the crypto world. Some of his financial backers and team members believe cryptocurrencies can be an important part of the future economy. Trump’s team has promised to work quickly on these changes as soon as he takes office.
Cryptocurrency isn’t the only topic Trump is focusing on. He plans to sign many executive orders on other issues too, like energy and immigration. But his efforts to support digital money show that he wants to make cryptocurrencies a priority in his new term as President.
