- Donald Trump made several promises during his campaigns that endorsed crypto.
- Trump vowed to release Silk Road founder Ross Ulbricht on day 1 of his presidency.
USA welcomes aboard its 47th President, Donald Trump after a six-month-long campaign and endless promises from electoral candidates. Kamala Harris lost the battle at a close 4% with Trump taking the majority. During the campaigns, Donald Trump endorsed the crypto sector intensely, making several promises.
Firstly, the president showed high interest in Bitcoin and also spoke at the 2024 Bitcoin conference. He had met with prominent members of Bitcoin mining platforms and stated that the USA should mine the remaining Bitcoins.
Secondly, he had advocated for the release of several cryptocurrency convicts including Silk Road founder Ross Ulbricht. According to the imprisoned founder’s X post, Trump pledged to commute his sentence on Day 1 of being president.
Thirdly, Donald Trump also promised to fire Gary Gensler, the Chair of the Securities and Exchanges Commission (SEC). This he stated in relation to his motive to provide regulatory clarity for the cryptocurrency sector.
Moreover, the president was endorsed by several prominent crypto members apart from tech giant Elon Musk. Gemini founders, the Winklevoss twins, and Kraken co-founder Jesse Powell were among those who extended their support. Additionally, his other promises included establishing a ‘National Bitcoin Stockpile’ and retaining 100% of the US government’s crypto holdings.
What is the Crypto Community Expecting from Donald Trump?
Over the past few weeks, the crypto community has been anticipating the US elections. As expected Bitcoin prices have hit the roof in the last few hours despite the increased volatility. Following this, Trump’s winning the elections has led to an outburst of rejoicing from the community.
On analyzing the common interest of the community, they look forward firstly, to a clarity in crypto regulations from the new government. They also await Donald Trump to fulfill the aforementioned promises and to help promote the sector.
Trump, having immersed deeply into the sector has stated strong beliefs in cryptocurrency. At one campaign event, he stated that digital assets have the potential to pay off the US debt. Meanwhile, since taking office, the president has yet to discuss and implement his plans for the cryptocurrency sector.
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