The US crypto community rallied behind Trump's campaign, contributing millions of dollars towards his victory over Joe Biden, whose administration tightened regulations and expressed skepticism toward digital currencies. Now, they're seeing their support pay dividends.
The president’s “crypto czar,“ Silicon Valley investor David Sacks, will convene prominent founders, CEOs, and investors with members of a Trump working group to craft policies aimed at accelerating crypto growth and providing the legitimacy the industry has long wanted.
Hanging over the crypto resurgence is the fate of FTX, the once-leading crypto exchange that collapsed spectacularly when its CEO Sam Bankman-Fried was found to have defrauded clients massively. He is now serving a 25-year term in a US jail.
Bitcoin, the world's most traded cryptocurrency, is heralded as an alternative to gold or as a hedge against currency devaluation and political instability.
Critics maintain these assets function primarily as speculative investments with questionable real-world utility, warning that excessive deregulation could leave taxpayers on the hook for cleaning up market crashes.
The proliferation of “memecoins” -- cryptocurrencies based on celebrities, internet memes, or pop culture rather than technical utility -- presents another challenge.
Despite his previous hostility toward cryptocurrencies, Trump has embraced the technology, declaring his intention to make the United States a crypto world power.
On Sunday, Trump confirmed plans for a strategic cryptocurrency reserve where the US government would deposit digital currency holdings acquired mainly from judicial seizures.
Trump also appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC).
The previous administration had implemented restrictions on banks holding cryptocurrencies (since lifted) and allowed former SEC chairman Gary Gensler to pursue aggressive enforcement despite the absence of clear legal frameworks.
Addressing ethics concerns, Sacks announced on X that he has divested from his substantial crypto holdings and investments, with industry figures quickly vouching for his integrity.
However, meaningful change will likely require congressional action, where crypto legislation has remained stalled despite intense lobbying efforts by investors including Trump ally Marc Andreessen, an influential venture capitalist.
The recent $1.5 billion theft from the Bybit platform underscores the risks cryptocurrencies still present.
He attributed this emerging consensus to proposals that include strong transparency and anti-money laundering requirements alongside consumer and market protections.
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