President Trump on Thursday issued an executive order to support the growth of the cryptocurrency industry, where he called for a new plan to control a business where he had enough personal investment.
The executive order, which was light on the details, said that the Trump administration would create a working group on digital resources to bring up a broad plan with “regulator and legal proposals”. The group will also consider the establishment of a national cryptocurrency stockpile, the order says – a government -controlled digital coins that are in the industry Lobbying month after month New administration has to be created.
“The digital resource industry plays an important role in the international leadership of our country along with innovation and economic development in the United States,” the order states. “So supporting the responsible growth and usage of digital resources is the policy of my administration.”
The success of the crypto industry has a significant personal part of Mr Trump. He and his sons helped to start a crypto company last year World Liberty FinancialWhich is selling a new digital currency called WLFI. This month, he and his wife, Melania, everyone has begun to sell memicians, a type of cryptocurrency inspired by an online joke or celebrity mascot.
Initiatives have criticized ethical experts concerned about conflicts of interest. In fact, Mr. Trump is trying to write rules for business initiatives from which he can benefit personally. He has promised to finish the legal crackdown of the biden administration on the crypto companies and selected multiple staff at the main federal agencies that seem ready to enhance the potential of the crypto industry.
In the executive order, Mr Trump said that his administration was committed to “protect and promote the crypto industry.” He promised to “fair and open access to banking services,” response to Crypto Company complains That bank has denied their account. The Securities and Exchange Commission soon after the order was issued Roll back accounting guidelines Which prevent banks from being involved with Crypto.
Nevertheless, Mr. Trump’s steps did not move as much as the hope of many in the crypto industry. He did not ordered the federal agencies to withdraw the case against the crypto company or ordered the government to start buying Bitcoin.
One of the main elements of the order is the ban on the creation of “Central Bank Digital Currency”, a type of cryptocurrency that is supervised by the government. Many crypto enthusiasts opposed the creation of this national currency on an ideological basis, and Mr. Trump promised to declare them illegal on the way to the campaign.
But in a Analysis Regarding the order, Molly White, a Crypto researcher, mentions that no federal agency has ever followed seriously to create such cryptocurrency. Mrs. White called Mr. Trump’s order “mostly symbolic”.
One -time skeptic who dismissed Bitcoin as a scandal, Mr. Trump became an outspoken for digital currency on the way to the campaign, Crypto poured the art More than $ 130 million In high-profile Congressional Race. At a Bitcoin Conference in July, Mr. Trump promised to turn the United States into a “Crypto capital of the planet”.
Then, in September, the Trump family launched the World Liberty Financial, which they marketed as a platform to facilitate borrowing and lending on digital currency. Mr. Trump is not a direct owner of the World Liberty Finance, but he has got a cut of cryptocurrency WLFI associated with the platform.
Since his election, Mr. Trump has gone to rebuild the regulatory agencies that followed the Crypto companies during the administration of the Biden. In December, he picked up a new chair of SE that worked closely with the crypto companies. And he tapped initiative investor and digital currency enthusiast David Sax to oversee his administration policies on artificial intelligence and crypto.
But Mr. Trump’s most aggressive expedition came in the Crypto Market Friday night when he Declaration A memicion called $ trump. Cryptocurrency Spiked immediatelyAdding a few billion dollars to Mr Trump’s total assets, at least in paper pen. The price collapsed two days after Melania Trump announced that he was also offering a memicion.
The episode raised anger from the crypto traders who said they were burned by the backward declaration and chaotic prices movement. However, the industry still has high expectations of the Trump administration. Crypto Executives have For monthsI hope to secure its support for the law that will defang the SEC and increase the price of leading digital currency.
Hours before Mr. Trump’s inauguration on Monday, Bitcoin priced on more than $ 109,000 records, as Crypto supporters celebrated a person who first described as “Bitcoin President”.
