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Trump’s ‘Golden Age’ could be good for cryptocurrencies too

Disclosure: The views and opinions expressed here are solely those of the author and do not represent the views and opinions of crypto.news editorial.

On July 27, 2024, Donald Trump stood before a crowd of people in Nashville and told them exactly what they wanted to hear. At the 2024 Bitcoin Conference, he promised that, if elected, he would make the United States “the cryptocurrency capital of the planet” and fire SEC Chairman Gary Gensler immediately.

This appearance, along with other pro-crypto movements, galvanized a voting bloc that was larger than some gave it credit for. Kamala Harris’ campaign would later try to cater to them with a watered-down message and with little success. Trump was, without a doubt, the “crypto candidate.”

So, when he failed to mention blockchain or cryptocurrencies even once in his inaugural address on Monday, there was some understandable concern. I too was looking forward to hearing more details about his plans for blockchain technology. But what I keep coming back to is something else He said For the crowd in Nashville last year:

We will have regulations, but from now on, the rules will be written by people who love your industry, not hate it.

Regardless of what he said (or didn’t say) during the inauguration, this promise has already proven true. His appointments, nominations, and actions all indicate that sound regulation is on its way. His “golden age” for America could include — no, being powered by blockchain technology.

People who love our industry

Not everyone involved in the cryptocurrency space gets the opportunity to negotiate with policymakers. I’ve been lucky enough to be in the room to have some of these conversations over the years, and let me tell you that discussion would have been impossible with the previous administration.

It has essentially been stonewalling at every turn, painting even innovative solutions with the same brush as scams. Industry leaders were so frustrated, they either moved their operations elsewhere or at least stopped raising their hands to ask questions. But that was not to happen, even though some party members were pushing internally for change.

So the industry waited. I’ve waited and watched support for Trump steadily increase among the cryptocurrency community, if only because he promised not to get in the way. When he won re-election, they cheered him (quietly, in some cases) because it meant they could pursue their ambition again. They can build the things they dreamed of.

In the months that followed, the incoming administration strengthened this belief and support. Just a few weeks after the election, Trump nominated Howard Lutnick, a staunch supporter of stablecoins and head of brokerage firm Cantor Fitzgerald, as Commerce Secretary.

Paul Atkins, crypto advocate and CEO of Patomak Partners, has been selected as a representative for Gensler. Replacement in the SEC. In early December, it was David Sachs’ turn, joining the White House as Trump’s “AI and crypto czar.” The former PayPal CEO has been publicly pushing for a “new global currency” for decades and is a firm believer in web3 technology.

These are the people who love our industry. They are the people who will not stand in the way of innovation or create rules that trap us.

Not everything that glitters is gold

It is this innovation – not just investment – ​​that will determine whether Trump’s golden age in America will be achieved.

The solutions we have now are limited and still need to be improved if we are to see widespread institutional adoption. Take stablecoins, for example. Although, in theory, they are the ideal solution for cross-border transactions, treasury management, and trade finance, institutions are still reluctant to integrate them.

Part of the problem is their inherent anonymity and what that means for regulatory bodies. The chains on which they exist are specifically designed to conflict with the central bank, and any contracts you build on top of them are merely enablers.

There must be a protocol-level identification layer, such as that in Concordium, to provide the accountability and compliance necessary to meet regulatory requirements and user trust.

As this is implemented, USD-backed stablecoins built on a transparent and trusted chain would further consolidate USD dominance and remove any need for a Central Bank Digital Currency (CBDC). Trump Pro-crypto candidate for Treasury SecretaryScott Bessent said the same thing at his recent Senate confirmation hearing. Besant explained that, in his opinion, central bank digital currencies are intended for developing countries and rejected any idea of ​​the United States introducing them.

Approach 2025

Like many of his peers in the Trump administration, Besant is focused on innovative policies for innovative technologies. When asked about the dark history of cryptocurrencies, he simply explained that the United States needs a “2025 approach.”

Hear, hear, says the cryptocurrency industry. We have been stuck in a cycle of twentieth-century politics for too long. Change is coming, one way or another, and the United States appears ready to take the lead. If they stay out of their own way, Trump’s “golden age” will extend to include cryptocurrencies, blockchain, and the Web 3 revolution.

Boris Buhrer Belovitsky

Boris Buhrer Belovitsky He is the CEO of Concordium, an L1 technology and technology company. He previously worked as Chief Commercial Officer of Copper.co and as a Senior Relationship Manager at Newscape Capital Group, both in London. He attended the University of St. Gallen and obtained an MBA from IMADEC University.

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