Enthusiasm among cryptocurrency investors is growing, as they eagerly look forward to the inauguration of President-elect Donald Trump on January 20th, hoping for regulations that foster innovation within the world’s biggest economy.
As a crypto investor, I’m equally excited about the potential appointment of Paul Atkins as the new Securities and Exchange Commission (SEC) chair under President Trump. His expertise in financial regulation could bring significant changes to the industry, which is something many investors, including myself, are eagerly looking forward to.
Although Trump has expressed plans to foster cryptocurrency advancements within the U.S., it’s important to remember that creating regulatory guidelines is a process that requires time, as pointed out by Anastasija Plotnikova, co-founder and CEO of Fideum – a company specializing in regulatory and blockchain infrastructure for institutions.
Establishing an appropriate regulatory atmosphere is vital. […] You may not see significant alterations in the initial week, as crafting substantial and all-encompassing regulations requires time, according to Plotnikova’s remarks to CryptoMoon.
According to Plotnikova, if confirmed by the Senate, Atkins is known for promoting regulations that favor free markets. This could potentially bring advantages to the cryptocurrency sector.
She expressed optimism that Atkins and the incoming government will strike a fair balance between promoting innovation in cryptocurrency and maintaining adequate supervision. Such an action would send a positive message to the entire industry.
Experts believe that Donald Trump may take immediate action, perhaps even on his first day in office, by issuing an executive order regarding cryptocurrencies. This move could indicate that the management of digital currencies will be a significant focus for the nation going forward.
Insiders who know about this situation anticipate that the emphasis will be on nurturing innovation through collaboration between regulatory bodies and market players, possibly setting up a cryptocurrency advisory group to champion the sector’s policy requirements.
Trump’s crypto executive order: How soon?
Reports also suggest that Trump’s potential executive order may address crypto de-banking.
As a researcher, I recently found myself privy to some intriguing insights shared by Dmitrij Radin, the visionary mind behind Zekret and the tech guru at Fideum. In a conversation with CryptoMoon, Radin hinted that while a comprehensive executive order from Trump might not materialize instantly, we can anticipate a favorable statement concerning cryptocurrencies to surface soon.
“With Trump and Atkins in the mix, I’m pretty sure we’ll at least get some kind of statement from Trump on his first day, if not a full-on executive order. Trump likes to make a splash, and what better way than to show he’s the ‘crypto president’ he promised to be?”
Radin suggests that it’s not probable we’ll see an immediate executive order on cryptocurrency, but a positive development in crypto policy could indicate good things to come for the industry.”
“Radin explains that it’s unlikely we’ll get an immediate executive order regarding cryptocurrency, but any early signs of favorable crypto policy would be a promising indication for the future of the industry.
“If Trump does prioritize crypto on day one, it would likely be a high-level directive, something like establishing a task force or ordering an in-depth review of the regulatory landscape.”
One of the bills expected to be discussed in Congress under the new administration is the Bitcoin Act, sponsored by Senator Cynthia Lummis from Wyoming. This bill proposes establishing a strategic Bitcoin reserve for the U.S., the world’s leading economy.
According to Adam Back, the co-founder and CEO of Blockstream, a renowned cryptographer, it’s possible that the price of Bitcoin could reach or exceed $1 million if the proposed BITCOIN Act is enacted by U.S. legislators.
To reach a price of $200,000 per Bitcoin, its total market capitalization must increase by an additional $2 trillion. This growth in value would make Bitcoin more valuable than Apple’s current market capitalization of $3.7 trillion, placing it as the second-largest global asset behind the leading asset.
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2025-01-17 17:32