The cryptocurrency sphere is set for a revitalization with the inauguration of President-elect Donald Trump, offering relief from the stringent regulations encountered under the Biden administration. A report from New York Post reveals Trump plans to establish an ‘America-first’ cryptocurrency reserve emphasizing on U.S.-based digital currencies like Solana ($SOL), Ripple ($XRP), and USD Coin ($USDC).
In the coming days, the administration is expected to hit the ground running, introducing cryptocurrency-centric executive orders. Trump’s contemplation on crafting a strategic reserve favoring U.S-based crypto coins is a welcome concept. Trump reportedly having commenced dialogue with the developers of these digital currencies, signals forthcoming progressive measures in the crypto industry. These steps could lead to the creation of a Bitcoin reserve and the halting of bank refusals to transact with cryptocurrency-related clients.
Notably, several public companies have begun integrating Bitcoin into their financial reserves in anticipation of Trump’s campaign promise of establishing a national Bitcoin reserve. In parallel, individual state Representatives, such as Cody Maynard of Oklahoma, have begun legislative processes to authorize state treasurers to invest in cryptocurrencies. This move is gaining traction with other states, including Texas, Pennsylvania, and Ohio planning similar initiatives.
The cryptocurrency market is sighing relief from stressful years under the Biden administration where banking regulators discouraged banks from associating with cryptocurrency businesses, stalling the growth of the industry. The recent recalibration by Trump is seen as a welcome change, leading to increased buying trends.
Trump’s progressive decrees aiming to lead the U.S into a Bitcoin mining powerhouse have been applauded by industry players. His intent on establishing a cryptocurrency advisory council, pardoning Silk Road’s founder, and cancelling “Operation Choke Point 2.0” has generated positive reactions in the market. Additionally, the planned debut of the Crypto Ball in Washington, D.C, sponsored by leading industry names like Coinbase, Galaxy Digital, and Solana accentuates the incoming administration’s dedication to fostering blockchain technology.