Trump has started to fulfil his promises made to the crypto sector. He signed the first crypto executive order.
Trump signing a crypto Executive Order was what the crypto sector was waiting for. This can pave the way for a Strategic Bitcoin Reserve (SBC) or a Strategic Crypto Reserve (SCR). That could include some very popular crypto altcoins. Which ones? This will be something interesting to find out.
Source: X
There will be a ‘Working Group on Digital Asset Markets’. David Sacks will lead this. He’s an early investor in firms like Facebook, Uber, SpaceX, and Airbnb. This workgroup also includes AI. More on this in a moment.
Besides Sacks, this will also include the Secretary of the Treasury and the new SEC Chair and CFTC. However, there are also still a few uncertainties.
For example, there’s no mention of the digital assets held in this reserve. Trump hinted at ‘prioritizing digital coins founded in the US. Bitcoin is not necessarily founded in the US, given that Satoshi is anonymous. However, projects like Solana’s $SOL, Circle’s $USDC, or Ripple’s $XRP are.
To me, a Strategic Bitcoin Reserve makes the most sense. However, Ripple is lobbying heavily for a Strategic Crypto Reserve. Ryan Selkis, founder of Messari, accuses Ripple of buying their way into a Strategic Bitcoin Reserve. Messari is a crypto research platform.
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Apart from what everyone has to say, four altcoins seem primed to make it. These are, Ripple’s $XRP, Cardano’s $ADA, Hedera’s $HBAR, and Circle’s $USDC.
The very possible reason is that the founders of these projects are making ties with the Trump family.
This uncertainty can also explain Bitcoin’s current price action. But back to the order. It specifically bans CBDCs. This stops the Fed’s ability to create a CBDC for the time being. This is an area where Ripple is one of the worldwide leaders.
The workgroup now has 180 days to propose (or not) the creation of a “national digital asset” stockpile.
Trump already launched his $TRUMP memecoin. It could light up the fire under this. We may see a price increase. His DeFi project World Liberty Financial’s biggest investment is in Ethereum ($ETH). Keep an eye on Ethereum, its run hasn’t started yet! This and the Crypto Executive Order are as bullish as it can get!
$500 billion is a lot of money. Well, that’s how much Trump’s administration is investing in US based AI infrastructure. The workgroup I mentioned before, led by Sacks, also looks into AI. Trump called Sacks the AI and crypto czar.
Stargate is the new company that will lead this charge. This should grow AI infrastructure in the US. Three companies will invest $100 billion to get this off the ground. Another $500 billion is ready to pour into Stargate at a later date. This should also flow over to US-based AI projects.
Senator Cynthia Lummis was already lobbying for crypto during the recent Democratic reign. She is very pro-crypto. She will now chair the Senate Banking Subcommittee on Digital Assets.
Lummis pushed for clear crypto regulations when Operation Choke Point 2.0 was in full progress. For example, she introduced the Lummis-Gillibrand bill. This aims to provide clear guidelines for digital assets.
It’s also a well-known fact that she’s a bitcoin supporter. She holds $BTC herself. This positions her as the potential link between TradFi and crypto. Her appointment will give,
The SEC under new leadership is reacting fast. Acting chair Mark Uyeda rescinded SAB 121. This stopped banks from offering Bitcoin custody services. It was part of Choke Point 2.0. The SEC under Gensler issued this in March 2022.
It impacted pretty much all public companies that accepted or dealt with crypto. However, now Banks can connect directly to blockchains as payment networks. This is, again, very bullish.
President Trump also added his share. He called out Bank of America CEO Brian Moynihan to his face. Trump said that BoA should stop debanking conservatives. This was during the World Economic Forum.
Last but not least, Trump pardoned Silk Road founder Ross Ulbricht. He was serving a life sentence with out parole and spent the last 11 years in jail. This gives another clear signal that there’s a new wind blowing in America’s crypto landscape.
So, what do you expect from the current actions from Trump relating to crypto? Are they bullish or not?
Disclaimer
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We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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