- Trump took three important pro-crypto steps
- He banned CBDC, rescinded SAB 121, and signed to explore Bitcoin Reserve
- Donald Trump has continued to make intense pro-crypto moves and fulfill even the most unlikely of promises since the first days of his presidency
The press release from the White House lists a number of initiatives and their grounds, but the most significant are the banning of CBDC, rescinding SAB 121, and signing an executive order to explore Bitcoin and Crypto Reserve.
More About Donald Trump’s Latest Pro-Crypto Initiatives
Trump boosted the crypto industry with three pro-crypto moves, the fundamental nature of which is important to overemphasize.
First of all, he backed up his unequivocal stance against the creation of the CBDC, which is shared by other politicians as a tool to limit civil rights and freedoms.
Second, SAB 121, criticized by many and himself, was passed during the Biden administration, which in many ways complicates and prohibits banks from holding cryptocurrencies along with other assets. Trump has rescinded SAB 121, which is likely to be successful given his new SEC appointments and already announced pro-crypto initiatives like SEC Crypto 2.0.
The third thing that can make the entire crypto industry very happy, and especially Senator Cynthia Lummis who has been just appointed as a Chair of the Senate Banking Subcommittee on Digital Assets – Donald Trump signed an executive order to explore Bitcoin Reserve. Moreover, this signed executive order includes not only Bitcoin but also other cryptocurrencies as recently predicted.
Conclusions
All of this is designed to most fundamentally impact US leadership in the financial and technology sectors and to get ahead of major competitors like China.
These long-awaited initiatives, which potentially lay a large and solid foundation for the sustainability and success of the U.S. in critical areas – deserve a lot of attention, because it is likely to serve as a powerful incentive for the rest of the world and lead to the global adoption of crypto and blockchain.
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