Donald Trump's upcoming inauguration on January 20 is highly anticipated by the cryptocurrency community, as it presents an opportunity to alleviate the stringent regulations imposed during the Biden administration. According to a recent report by the New York Post, President-elect Trump is considering establishing an 'America-first' crypto reserve that will prioritize U.S.-based cryptocurrencies, such as Solana (SOL), Ripple (XRP), and USD Coin (USDC).
Upon returning to Washington, D.C., the Trump administration plans to introduce new executive orders focusing on cryptocurrency. The New York Post reports that President-elect Donald Trump is contemplating the creation of a strategic reserve prioritizing U.S.-based cryptocurrencies like USDC, SOL, and XRP. According to the report, Trump has met with the founders of these cryptocurrencies and is open to the concept.
Anticipating this initiative, several public companies are now including Bitcoin in their financial reserves. At the same time, individual states are also joining the effort. For instance, Representative Cody Maynard of Oklahoma recently introduced a bill that would allow the state treasurer to invest in cryptocurrencies like bitcoin and stablecoins.
This initiative is part of a broader effort, with states like Texas, Pennsylvania, and Ohio also planning to establish their own crypto reserves.
After years of aggressive actions by the Biden administration, the crypto market is finally experiencing some relief. During the Biden administration, banking regulators from the FDIC (Federal Deposit Insurance Corporation) instructed banks not to engage with cryptocurrency companies, which paused the industry's growth.
Venture capitalist Marc Andreessen described these actions as “terrorizing” startups. As a result, the recent initiatives by Trump to promote the market have boosted buying demand.
Among Trump's pledges were firing SEC Chair Gary Gensler, pardoning Silk Road founder Ross Ulbricht, setting up a Crypto Presidential Advisory Council, canceling SAB 121, stopping “Operation Choke Point 2.0,” and making the U.S. a leading bitcoin mining hub. Following these announcements, Gensler confirmed he would leave the SEC.
Coinpedia previously reported on Trump's revamped SEC planning to drop security allegations and create a new cryptocurrency policy.
Furthermore, David Sacks, appointed by Trump as the Crypto and AI Policy Advisor, is hosting the first-ever Crypto Ball this weekend in Washington, D.C. The event, sponsored by key industry leaders like Coinbase, Solana, and Galaxy Digital, highlights the administration's dedication to advancing blockchain technology.
