President Trump issued a Presidential order on Thursday to support the growth of the cryptocurrency industry, and called for a new plan to regulate his business with considerable personal investment.
Detailed administrative orders stated that the Trump administration would create a working group for digital assets and make comprehensive plans, such as “regulations and legislative proposals.” The group will also consider the establishment of state cryptocurrency stockpiling -the government -managed digital coin hidden place is lobby in the industry to create a new administration for months. I've been working.
“The digital asset industry not only plays an important role in the United States' innovation and economic development, but also demonstrates our international leadership,” said the order. “Therefore, it is my government's policy to support the responsible growth and use of digital assets.”
Mr. Trump has a great personal interest in the success of the cryptographic industry. Last year, he and his sons supported the start of a cryptographic company called World Liberty Financial, which sells new digital currency called WLFI. This month, his wife, Melania, has begun to sell Memokine, a kind of cryptocurrency inspired by online jokes and celebrity mascots.
Ventures are criticizing ethics experts who are concerned about conflicts of interest. In fact, Mr. Trump is trying to create the rules of business ventures that can benefit personally. He pledged to end the legal crackdown on the Biden administration to the Crypto company, and made a series of HR selections at a major federal agency, which seemed to be promoting the prospects of the cryptographic industry.
In a presidential ordinance, Trump said that his administration has committed to the “protection and promotion” of the cryptographic industry. He promised “fair and public access to bank services.” This is a complaint by a cryptographic company that the bank has refused. Shortly after the order was issued, the Securities and Exchange Commission has developed accounting guidance that prevented banks from being involved in encryption.
Nevertheless, Mr. Trump's actions were not as much as many people in the cryptographic industry wanted. He did not instruct the federal government to withdraw the lawsuit against the encrypted company, or did not instruct the government to start purchasing bitcoin.
Among the more substantial elements of order, there is a ban on creating a central bank digital currency, a kind of cryptocurrency directed by the government. Many cryptocians oppose the creation of such currency for ideology reasons, and Trump swore the trajectory of the campaign to ban them.
However, an analysis of Molly White's order, Molly White, pointed out that no federal agencies have seriously pursued such cryptocurrencies. White called Trump's order “mainly symbolic.”
Mr. Trump, a former skeptician who rejected Bitcoin as a scam, has poured more than $ 130 million in the famous Congress Races in the Crypto Industry, and has become a frank enthusiast in a digital currency in the campaign trail. Ta. At the Bitcoin Conference in July, Trump pledged to turn the United States into the “Citizens of the Earth”.
Later, in September, the Trump family launched the world's Liberty Financial and sold as a platform to promote borrowing and lending by digital currency. Trump is not a direct owner of World Liberty Financial, but has been reducing the sales of WLFI, a cryptocurrency related to the platform.
Since his election, Trump has worked to reconstruct regulatory agencies pursuing a cryptographic agency during the Biden administration. In December, he chose a new SEC chair that cooperated with the cipher agency. He tapped Venture Investor and David Sack, a digital currency enthusiast, to supervise the administration of artificial intelligence and cryptocation.
However, Mr. Trump's most aggressive advancement to the cryptographic market was performed on Friday night when he announced a Mote Cot called $ Trump. The sales of cryptocurrencies have rapidly increased, and at least on paper, hundreds of billions of dollars have been added to Trump's net assets. Two days later, the price collapsed after Melania Trump announced that she was also providing a memorial.
This episode promoted anger from a cryptographic trader who felt burned back -to -back and a mixed OTIC. But the industry is still high in the Trump administration. Crypto's executives have been lobbying for several months, hoping to relieve SEC and secure his support for laws to raise the prices of major digital currency.
A few hours before Mr. Trump's inauguration on Monday, the price of bitcoin increased to more than $ 109,000. Crypto supporters celebrated the climbing of the man who described the first “Bitcoin”.
