Throughout his election campaign, the new United States President, Donald Trump, remained vocal about his pro-crypto stance and made several promises regarding the development of the nascent industry.
CryptoPotato has compiled a list of Trump’s declared promises, including pledges geared towards fostering innovation in the United States and continuing growth of the digital asset industry.
Trump’s Promises Regarding Crypto
Trump said he would commute the prison sentence of Ross Ulbricht, the 39-year-old founder of the illegal online marketplace Silk Road. U.S. authorities arrested Ulbricht in 2013 on charges of drug trafficking, money laundering, and computer hacking. The convict landed five sentences, including two for life, and is serving his 12th year in jail.
With Trump emerging victorious, the U.S. president could reduce Ulbricht’s sentence. He said the promise to commute the sentence is part of his support for individual freedom in the crypto space.
The president-elect also promised to fire Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), on his first day in office. This is due to Gensler’s anti-crypto stance and his attempts to regulate the industry by enforcement. He also vowed to end the anti-crypto policies of the Biden administration and usher in a new era for digital assets.
Additionally, Trump said he would eliminate Bitcoin taxes because taxing crypto transactions, even using BTC for coffee purchases, is unfair. Trump intends to substitute crypto taxes with tariffs.
Making the U.S. the World’s Crypto Capital
Furthermore, Trump intends to make the United States the world’s crypto capital and create a BTC stockpile for the country, holding 100% of the government’s digital assets. The Republican presidential candidate wants to fight government overreach by ensuring there will never be a Central Bank Digital Currency (CBDC) under his tenure.
To Trump, crypto and Bitcoin could skyrocket to new highs and lead to significant growth in the industry. He believes BTC would rally to the moon and possibly exceed gold’s market cap; hence, he would support American crypto holders’ right to self-custody crypto solutions.
Meanwhile, Trump was the first presidential candidate to accept Bitcoin donations for his campaign. The crypto industry’s support for him inspired the creation of multiple meme coins.
With only a few months left until his inauguration, it’s worth following how many of these promises will be kept.
