With the dust settled from the U.S. election, Trump has won by a landslide. As the elected president, his commitments to cryptocurrency during the campaign have broken his previous doubts about the industry. Now, this newly elected president vows to transform the U.S. into a 'Bitcoin superpower' and make cryptocurrency policy one of the core priorities of his future administration. This shift undoubtedly brings new hope to the U.S. cryptocurrency industry.
Here are President Trump's six major cryptocurrency commitments:
1. Establish a Bitcoin strategic reserve
Trump proposes to establish a strong Bitcoin strategic reserve to diversify the Federal Reserve's asset portfolio. He believes that Bitcoin's increasing importance as a digital asset in the global financial system can enhance U.S. financial stability to some extent. This initiative aims not only to solidify the dollar's global dominance but also to provide the U.S. economy with a new means to hedge against inflation. If implemented, this policy would be the first official recognition of Bitcoin's 'reserve' role by the U.S. and could encourage other global economies to follow suit, further establishing Bitcoin's position in the global economy.
2. Lower regulatory barriers to support crypto innovation
Trump pledges to reduce regulatory barriers in the cryptocurrency industry to support innovation. This initiative aims to simplify regulatory processes so that crypto startups can more easily obtain compliance licenses and develop and promote new products at a faster pace. He hopes this reform will attract global talent and investment, stimulating economic growth and technological advancement. With this policy, the U.S. is expected to become the global center for cryptocurrency innovation, leading other nations.
3. Make the U.S. the 'global cryptocurrency capital'
Trump vows to make the U.S. the global capital of cryptocurrency. He believes that with advanced financial infrastructure and abundant innovative resources, the U.S. can become a global leader in cryptocurrency and blockchain technology. Achieving this goal requires extensive policy coordination, including encouraging private sector investment, building top blockchain research centers, and promoting the application of blockchain technology in supply chain management, fintech, the Internet of Things, and other fields. If successful, the U.S. could become a central hub for attracting global cryptocurrency talent, businesses, and capital.
4. Change regulatory agency leadership to support innovative development
Regarding regulatory agencies, Trump promises significant adjustments to the core institutions overseeing cryptocurrency regulation. He has explicitly stated that he will fire current SEC Chair Gary Gensler, who is known for his tough stance on the cryptocurrency industry. At the same time, he plans to appoint leaders who support crypto innovation to key regulatory agencies, such as the SEC and the Commodity Futures Trading Commission (CFTC). This leadership change will help provide a clearer and more reasonable regulatory framework for industry development, balancing innovation with risk management and instilling confidence in the market.
5. Issue executive orders to promote cryptocurrency innovation
Trump plans to issue an executive order specifically to promote the innovative development of cryptocurrency. Through this order, he hopes to reduce the uncertainty faced by cryptocurrency entrepreneurs and pave the way for technological development by providing clear guidelines. This will help companies in the cryptocurrency sector to innovate boldly while complying with regulations, positioning the U.S. as a leader in crypto technology and applications.
6. Protection of mining rights and self-management rights for digital assets
The Republican National Committee under Trump's leadership has approved a party platform that protects Bitcoin mining rights and self-management rights for digital assets. This marks the formal establishment of the Republican Party as a supporter of cryptocurrency, committing to end the Democratic Party's so-called 'illegal suppression' of cryptocurrency. Furthermore, the Republican Party will firmly oppose the establishment of Central Bank Digital Currencies (CBDC), believing that this would infringe on personal freedoms and privacy. They advocate that every American has the right to freely manage and trade their digital assets without government interference, ensuring individual financial freedom.
Trump's campaign promises indicate that he has shifted from a crypto skeptic to an active advocate, proposing an ambitious plan to push the United States to the forefront of cryptocurrency. Six major policy commitments cover Bitcoin reserves, support for innovation, regulatory reform, executive orders, mining rights protection, and self-management rights for digital assets, demonstrating his confidence in the future of cryptocurrency. If these policies are successfully implemented, they could not only propel the U.S. to become a 'Bitcoin superpower' but also lead the world in redefining the role of Bitcoin in the future financial system.
