Donald Trump promised at the 2024 Bitcoin Conference that he would make the USA the “crypto capital of the world” and dismiss SEC Chairman Gary Gensler. With great support from the crypto community, Trump took a strong stance against the weak crypto policies of his rival Kamala Harris. However, he made no statement about blockchain or crypto during his presidential inauguration, raising concerns. Still, Trump’s past promises and new appointments in the administration show that regulations that will pave the way for the industry are on the way. In particular, the appointment of crypto-friendly names in key positions could herald radical changes in crypto policies in Washington.
Trump Administration Reshapes Crypto Policies
The previous Biden administration suppressed the crypto industry with strict regulations, causing innovative projects to leave the United States. Crypto entrepreneurs either moved abroad or refrained from developing new projects. However, with Trump taking office, there was a great expectation of relief in the industry.
One of the most important signs of this was the appointment of stablecoin supporter Howard Lutnick as Secretary of Commerce. At the same time, the replacement of Paul Atkins as SEC Chairman and the appointment of crypto advocate David Sacks as ‘AI and Crypto Advisor’ at the White House show that the administration is clearly supportive of the industry. Now the rules will be written by those who believe in the crypto ecosystem, not by those who want to hinder the industry.
TRUMP’s ‘2025 Approach’ Could Begin a New Era for Crypto
The Trump administration is showing signs of adopting a modern and innovative approach to crypto regulations. Scott Bessent, who has been nominated as Treasury Secretary, stated that central bank digital currencies (CBDC) are only suitable for developing countries and that the United States does not need such a plan. This statement shows that dollar-backed stablecoins may become more important in the future.
Bessent responded to criticism of crypto’s past scandals by saying, “The United States now needs to adopt an approach suitable for 2025.” This could be a great opportunity for the crypto ecosystem, which has been stuck for many years due to the rigid financial policies of the 20th century. If the US adopts smarter regulations, Trump’s ‘golden age’ will not be limited to the economy and industry, and the crypto, blockchain and Web3 revolution could also be an integral part of this transformation.
