The crypto market has been on a steep upward trend for quite some time, but the future of digital currencies is still uncertain. Bitcoin is now classified as a commodity in the USA, but the US Securities and Exchange Commission (SEC) has been fighting for years to classify most altcoins as securities and to regulate the market more strictly. US President Joe Biden is also not exactly known for his open attitude towards Bitcoin. However, former President Donald Trump is taking a different path. If it were up to him, the USA should become more crypto-friendly and help shape the future of Bitcoin.
“I’m keeping Elizabeth Warren away from your Bitcoin”
Senator Elizabeth Warren is pushing for strict crypto regulatory measures in the US, and she is not alone in this. The US Securities and Exchange Commission (SEC) under Gary Gensler also regularly advocates for stricter regulation and monitoring of the market, and the Biden administration recently asked Bitcoin miners across the country to disclose their energy consumption figures so that action can be taken. There will be no such thing under Trump. During the election campaign, he promised that he would keep Elizabeth Warren away from Americans’ Bitcoin.
Trump speaks of 50 million Americans who own cryptocurrencies and he will certainly not make their lives any more difficult. The former president, who is running for re-election this year, has already spoken out in favor of cryptocurrencies in the past and is also accepting Bitcoin and Co. for his election campaign. Trump has also long caused a stir by publishing his own NFTs, so it is no secret that he will not necessarily support bans.
No CBDCs
Another promise that Trump is making to his voters is that there will be no CBDCs under his rule. These are the controversial central bank digital currencies (Central Bank Digital Currencies), such as the digital dollar or the digital euro. In both the US and Europe, most people are against CBDCs because they are seen as the last step towards complete surveillance and many fear their privacy if every euro or dollar they spend can be digitally tracked. In any case, there will be no CBDCs in the US under Trump.
Of course, many things are promised during the election campaign that are not implemented or not fully implemented in the end, but Trump’s attitude towards cryptocurrencies and CBDCs is unlikely to change any time soon. It is therefore quite safe to assume that it would be bullish for the entire crypto market if Trump wins the election this year.
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
