President Donald Trump has emerged victorious in the long-awaited U.S. presidential election. The president made several promises to the crypto industry, which garnered him the support of many.
It is no surprise that the price of Bitcoin spiked to $75,000 in anticipation of the win, as many believe that a victory for Trump is a victory for crypto. Spot On Chain, an on-chain analytics firm, made a list of these promises so the industry can follow up and potentially demand accountability:
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- He plans to fire SEC Chairman Gary Gensler on his first day in office.
- He intends to establish a “National Bitcoin Stockpile.”
- Trump aims to position the United States as the “Bitcoin and cryptocurrency capital of the world.”
- He proposes retaining 100% of the 203,650 BTC, valued at approximately $14.95 billion, that is currently held by the U.S. government.
- He vows to eliminate the capital gains tax on Bitcoin.
- He supports U.S. Bitcoin mining initiatives.
- Trump aims to end regulatory crackdowns, which he refers to as the “anti-crypto crusade.”
- He plans to launch a “Bitcoin and crypto presidential advisory council.”
- He will protect individuals’ rights to self-custody their digital assets.
- He opposes the introduction of a Central Bank Digital Currency (CBDC).
- He intends to commute the double-life sentence of Ross Ulbricht, the founder of Silk Road.
The firm questions whether Trump can fulfill all these ambitious promises, positioning them as pivotal elements of his administration’s approach to the cryptocurrency landscape.
