As President Trump starts his second term, significant changes could occur for bitcoin in the U.S. The crypto industry hopes for better rules and regulations because of upcoming executive orders focussing on digital assets and the creation of a Crypto Council. Here’s what we can expect from Trump’s plans for cryptocurrency and the rules that will apply during his time in office.
Executive Orders, Crypto Council
President Trump will likely sign executive orders that will make cryptocurrency a top goal for the national policy. One planned initiative is to create a Presidential Crypto Council comprising 24 leaders from the private sector, including CEOs and founders of big cryptocurrency companies. This council will help improve communication between private companies and government agencies to build strong, modern policies that keep the U.S. a leader in digital assets. The executive order might tell government agencies to review current rules for digital assets and stop lawsuits against crypto companies, providing necessary help to the industry.
More Positive Crypto Framework
The crypto industry is optimistic that Trump’s administration will be more supportive of regulations than Biden’s government was. One important topic is the possibility of tax breaks and clear rules about capital gains for cryptocurrency users. Industry leaders expect efforts to support crypto payments and provide tax benefits to crypto companies in the U.S. This change to a friendlier set of rules could greatly help the industry, encouraging new ideas and making the U.S. a key player in cryptocurrency worldwide.
Changes in SEC and FDIC
Gary Gensler has resigned as SEC Chair, and Trump has appointed Mark Uyeda as Acting Chair. This change suggests a new direction for cryptocurrency rules. Uyeda has always been seen as a supporter of digital assets. Now, he is leading the SEC to create a Crypto Task Force to make more explicit rules for crypto assets. The FDIC has a new head, with Travis Hill now the Acting Chair.
Conclusion
With President Trump in charge, the future looks better for the crypto business. There is hope that the U.S. will keep leading in digital asset development, as new executive orders are likely to support the industry, and regulators are moving towards friendlier rules for cryptocurrency.Â
