Donald Trump stormed back into the crypto scene, declaring total victory over what he dubbed “Biden’s war on Bitcoin.” Fresh off his election win, the former-turned-new president wasted no time signing executive orders to reverse his predecessor’s crypto policies.
The crypto market responded with enthusiasm, sending Bitcoin soaring past $100,000. Bitcoin’s meteoric rise from under $17,000 during the FTX collapse exemplifies the market’s volatility. Trump, who once dismissed cryptocurrencies, now positions himself as their champion. Under Biden’s administration, the SEC pursued over 100 enforcement actions against various crypto companies. The extended bear market period lasted nearly a year before showing signs of recovery. Funny how things change. His transformation from crypto skeptic to digital asset defender came complete with his own TRUMP meme coin and a family venture into DeFi through World Liberty Financial.
The new administration wasted no time establishing the President’s Working Group on Digital Asset Markets. Trump’s pick for SEC chair, Paul Atkins, signals a dramatic shift from Gary Gensler’s heavy-handed approach. Atkins, known for his distaste of excessive regulation, perfectly aligns with Trump’s vision of making America the world’s crypto capital.
Trump blamed Biden’s administration for what he called politically motivated indictments against crypto companies, claiming many cases mysteriously vanished before the election. He’s promised a complete overhaul of the regulatory framework, aiming to attract crypto startups that fled to friendlier jurisdictions during Biden’s tenure.
Crypto firms fled under Biden’s crackdown, but Trump vows regulatory reform to bring innovation back to American soil.
The industry’s bigwigs are celebrating, with spot Bitcoin ETF inflows surging post-election. Trump’s even exploring the creation of a national digital asset stockpile – because apparently, Fort Knox needs a digital twin.
However, critics warn that Trump’s deregulation crusade could open the floodgates for fraud. Environmental advocates are sweating about increased crypto mining, and skeptics question whether Trump can actually deliver on his grand promises without Congress playing ball.
Meanwhile, Trump’s accepting campaign donations in crypto and showing up at Bitcoin conferences like he invented blockchain. His pledge to keep America at the forefront of AI and crypto innovation sounds great, but implementation remains the million-bitcoin question.
For now, the crypto world rides high on promises of a new golden age, or at least a less restrictive one.
