The crypto market is buzzing this week as Trump's inauguration approaches and speculation around crypto assets grows. But what is really happening?
The market is buzzing with news that Trump will possibly sign cryptocurrency-related executive orders on his first day in office.
According to reports, the Trump administration is set to drastically alter the crypto regulatory landscape, with prominent technology and cryptocurrency leaders taking influential positions in policymaking.
According to the Washington Post, venture capital giant a16z's Marc Andreessen has emerged as a key figure in the transition, using his vast experience in Silicon Valley to help recruit candidates for crucial crypto-related government positions. Andreessen has reportedly been actively involved in interviewing and recommending candidates for various roles, including those related to cryptocurrency policy.
His influence reportedly began at a meeting with Trump last year, where the president-elect's message about beating China in the tech race caught Marc's attention.
The articles also highlight that Trump's transition team has made cryptocurrency regulation a priority.
There has been an effort in the bureaucratic swamp of Washington to stifle innovation with more regulation and higher taxes. We now aim to develop a legal framework for the cryptocurrency industry to thrive in the United States.
Brian Hughes, Trump-Vance transition spokesman.
David Sacks, Trump's appointed AI and cryptocurrency czar, is reportedly working closely with industry leaders to finalize a legislative strategy.
Reports also say Trump is expected to issue executive orders on Day 1 of his presidency, possibly addressing debanking, accounting changes and developing a legal framework that will help the industry develop and expand.
Regulatory uncertainty in the US has been a major impediment to institutional adoption during the Biden administration. Now, if the promises are truly fulfilled, the trend is towards more lenient policies and greater freedom to hold whatever assets you want, whether they are crypto or not.
How does Trump's inauguration impact Bitcoin in the short term?
Short answer: NOTHING!
The inauguration of a president, as relevant as it may seem, does not change the essence of Bitcoin. It is not about government promises or speeches, but about what will actually be done to facilitate the entry of large institutional players. It is necessary to observe the government's actions during its term, not its campaign promises.
Posted Using INLEO