The inauguration of Donald Trump as U.S. President is imminent, and he has pledged to revamp cryptocurrency regulations. However, according to the New York Digital Investment Group (NYDIG), such changes might not happen for some time.
In a research note dated January 10th, NYDIG’s global head of research, Greg Cipolaro, advised against anticipating swift modifications in crypto policies, despite President Trump taking office on the 20th of January.
He mentioned that the inauguration brings a fresh wave of optimism for the new administration to fulfill numerous campaign pledges. He noted that while some changes could occur swiftly, others might require more time.
“Key officials still need to be named, those that have been named need to go through the confirmation process, and then once confirmed they need to assemble their staff.”
As an analyst, I can express that while significant cryptocurrency bills such as the FIT21 bill, which cleared the House in May, are underway, their passage may require some patience. This is because the resurgent conservative and free-market legislature might exhibit less willingness to negotiate on certain points compared to when liberals held the Senate’s majority.
He mentioned that these plans might need immediate attention, as issues such as geopolitical disputes, financial matters including the budget and debt limit, international trade and tariffs, and immigration concerns could take precedence.
The choices Trump has made for roles in the Treasury, SEC, and digital assets advisor within the White House seem encouraging for cryptocurrencies. However, it’s yet to be seen who will fill crucial positions at the Commodity Futures Trading Commission, OCC, and Federal Deposit Insurance Corporation regarding this matter.
Cipolaro mentioned that not all of Trump’s nominees have been disclosed, but with regards to the agencies crucial for cryptocurrencies and Bitcoin, the selections made so far are favorable to us.” (Informal)
One possible adjustment might involve establishing a tactical Bitcoin (BTC) reserve, as suggested by Cipolaro, who indicated this move could potentially happen swiftly through an Executive Order.
Previously, a proposed outline for such an order, initially drafted by a Bitcoin advocacy group and subsequently shared across various social media platforms, has already been presented. Cipolaro, however, emphasized that an executive order would hold less permanence, as it could potentially be reversed by the succeeding president.
It was proposed that a potential U.S. strategic reserve of Bitcoin could be established using the approximately $18.3 billion in Bitcoin seized by the government, according to him.
Cipolaro stated that this action reduces the excess supply of Bitcoins from the U.S., but it doesn’t trigger additional demand for the cryptocurrency.
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2025-01-13 06:25