David Edwards
Donald Trump, the incoming president of the United States, has declared that he will make Bitcoin a “National Priority” as soon as he takes office. According to sources, his administration wants to establish a special advisory council for cryptocurrency, giving business participants a voice in determining policies. Given that many analysts predicted executive orders targeting bitcoin on Trump’s first day in office, this decision further demonstrates his longstanding support for the sector.
The contentious de-banking of cryptocurrency companies and the amendment of accounting regulations that categorize banks’ holdings of digital assets as liabilities are two major problems that are anticipated to be covered.
Cryptocurrency Laws to Handle Economic Issues
It is believed that Trump’s crypto-forward agenda is a component of a larger plan to support the American economy in the face of its $36.17 trillion national debt. According to reports, a draft executive order is being developed that would require federal agencies to review their rules regarding digital assets and to put a stop to existing legal actions against bitcoin companies.
An important shift in U.S. financial policy is the possible inclusion of a Bitcoin Strategic Reserve bill. A plan like this would open the door for federal Bitcoin reserves, which are already being considered in states like Ohio, Oklahoma, and Texas. Six states have already introduced Bitcoin Reserve laws in their senates, and Dennis Porter, CEO of the Satoshi Act Fund, predicts that 20 states may present similar legislation.
The Market Rise of Bitcoin Due to Policy Optimism
The market is already feeling the effects of the excitement surrounding Trump’s pro-crypto position. Because of the potential passage of a Bitcoin Reserve bill and other favorable legislation, the value of Bitcoin has risen above the $100,000 mark.
This proposed national focus on cryptocurrencies represents a turning point in the regulation of digital assets in the United States as well as the increasing understanding of the role that cryptocurrencies may play in tackling more general economic issues.
