Here’s Ten Promises from U.S. President-Elect Donald Trump to the Crypto Community

In a significant development for the crypto sector, crypto-friendly candidate Donald Trump made a historic comeback after meeting the 270 electoral vote requirement to defeat Kamala Harris. At press time, Trump had 277 electoral votes against Harris’ 224 votes.

Investors and several notable personalities in the crypto community congratulated and expressed joy over Trump’s victory. The 47th U.S. President has also been congratulated by world leaders from China, Israel, France, Ukraine, NATO, and India, among others.

The market also reacted significantly to Trump’s victory, with bitcoin (BTC), the world’s largest cryptocurrency, rising over 10% to hit a new all-time high (ATH) of $75,358. Other popular cryptocurrencies also witnessed notable gains.

During his campaign, Trump made some claims in a bid to court crypto investors.

Here are the ten crypto-friendly policies he promised to introduce as he reclaims the White House:

• Make the United States the world’s cryptocurrency capital

At an event a few months ago, he promised to make the U.S. the world’s cryptocurrency capital. Joe Biden’s administration maintained a hostile stance against crypto, leading to the exit of multiple crypto firms from the country. 

• Fire SEC Chair Gary Gensler

Trump promised to fire the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, on his first day in office. Under Gensler’s leadership, the SEC has heavily cracked down on crypto without setting clear rules guiding the asset class. According to reports, the agency has fined crypto firms $4.68 billion this year, representing a 3018% increase from 2023.

• Establish a strategic Bitcoin reserve

The U.S. president plans to implement a strategic Bitcoin reserve to help combat inflation and strengthen the U.S. economy. As part of this plan, the U.S., already a top BTC holder, will acquire at least 200,000 BTC annually over five years.

• Prevent the U.S. from selling its Bitcoin holdings

Trump aims to implement a policy that would see the U.S. holding BTC in its reserve for at least 20 years. 

• Halt further U.S. government development of a CBDC

He promised to end the U.S. government’s development of a Central Bank Digital Currency (CBDC) to promote privacy and decentralization.

• Propose a comprehensive cryptocurrency policy

The crypto-loving president said he would introduce a comprehensive legal framework for crypto, a feat that Biden’s administration failed to achieve.

• Cease hostilities against cryptocurrency within an hour of taking office

Trump promised to end the Biden administration’s anti-crypto policies within an hour of returning to office. The Biden administration hugely cracked down on crypto activities, especially the mining sector.

• End the U.S. government’s unlawful crackdown on the crypto industry

He said he would end the U.S. government’s crackdown on crypto, welcoming foreign crypto firms into the country.

• Recommend using cryptocurrency to address U.S. debt issues

While he did not provide details on how this would work, the concept suggests that the president sees potential in cryptocurrencies like BTC as alternative assets that could strengthen the U.S. financial position.

• Reduce the sentence of Silk Road founder Ross Ulbricht

In a post on Truth Social last month, Trump vowed to commute the sentence of Ross Ulbricht, the creator of the darknet marketplace Silk Road. Ulbricht is currently serving two life sentences concerning his ownership and operation of Silk Road.

Meanwhile, it remains to be seen whether Trump will keep his promises or whether this is just a strategic move to secure crypto votes.