Trump’s Crypto Capital Promise: What’s Next for the US?

On July 27, 2024, Donald Trump addressed the Bitcoin 2024 Conference, vowing to make the United States the “crypto capital of the planet” if elected. He also promised to fire SEC chair Gary Gensler immediately. This pro-crypto stance resonated with a significant voting bloc, setting him apart as the ‘crypto candidate.’

A Shift in Regulatory Approach

Trump’s inauguration speech, however, did not mention blockchain or crypto, causing unease among industry enthusiasts. Nevertheless, his earlier statement at the Bitcoin 2024 Conference offers a glimpse into his approach: “We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry.” This promise is already being fulfilled through his appointments, nominations, and actions, which suggest common-sense regulation is on the horizon.

Trump’s administration is comprised of individuals who are enthusiastic about the crypto industry, including:

  • Howard Lutnick, a proponent of stablecoins and head of the brokerage firm Cantor Fitzgerald, nominated as commerce secretary.
  • Paul Atkins, a crypto advocate and CEO of Patomak Partners, picked as Gensler’s replacement at the SEC.

These appointments indicate a shift in the regulatory approach, with a focus on innovation and growth rather than hindrance.

The Need for Improved Solutions

While Trump’s pro-crypto stance is promising, the industry still faces challenges. Current solutions, such as stablecoins, require improvement for widespread enterprise adoption. The lack of a protocol-level identification layer, for instance, hinders regulatory compliance and user trust.

A transparent, reliable chain with a built-in identification layer, like Concordium, could address these concerns and strengthen the dominance of the US dollar. This, in turn, could eliminate the need for a Central Bank Digital Currency (CBDC).

A 2025 Approach

Trump’s pro-crypto nominee for Treasury Secretary, Scott Bessent, emphasized the need for innovative policies for innovative technologies. He dismissed the notion of the US introducing a CBDC, stating that they are reserved for developing nations. This approach is in line with the industry’s desire for a modern, forward-thinking regulatory framework.

A 2025 approach is necessary, as the US has been trapped in a loop of 20th-century policies for too long.

As the US appears poised to take the lead in the crypto and blockchain space, it is essential to stay informed about the latest developments. For more news and insights, visit Global Crypto News.

Post Views: 1