The Trump Cryptonaissance is here

The wheels are already starting to turn on Donald Trump’s plan to make the United States in the “crypto capital of the planet” after his return to the White House.

In one executive order signed on Thursday, Trump established a “working group on digital asset markets”, which will be responsible for weighing the possibility of the United States forming a “national digital asset strategic store”, among other things.

The promise to establish a stockpile was one of the many commitments Trump made to the crypto industry before he was re-elected. Even the idea stunned economistshe received a enthusiastic welcome among bitcoiners. As rumors of an impending announcement spread on Thursday, the price of bitcoin has climbed to $105,000 per coinjust short of the record high.

The order also requires the working group – which consists of the heads of various branches of government, financial regulatory bodies and the attorney general – to come up with an appropriate set of regulations and laws governing the use of crypto.

Earlier this week, on Trump’s second day in office, the Securities and Exchange Commission (SEC) – the US regulatory body that brought a flight of trials against crypto companies under the administration of Joe Biden-established a “crypto task force”. Under the new leadership after the departure of former president Gary Gensler, who was widely demonized in the cryptosphereThe SEC will develop a “comprehensive and clear regulatory framework for crypto assets,” the agency said.

Later that same day, Trump leniency agreement to Ross Ulbricht, who was serving life in prison for crimes committed while running the notorious Darknet marketplace Silk Road, one of the first websites to accept bitcoin as payment. After being arrested in 2013, Ulbricht became something of a martyr in crypto circles for his part in spreading the bitcoin gospel.

These initial gestures signal Trump’s willingness to follow through previous campaign promises: to pass various legislation related to crypto, reform the financial regulatory apparatus in the United States, and crypto in the national treasury of the United States. The effects will be far-reaching, crypto figures believe, reverberating far beyond US costs and creating the conditions for a new golden age for the industry.

“Our technology is very powerful and transformative. We need to land in different societies,” says Joseph Lubin, co-founder of Ethereum and chief executive of the software company Consensys. “And America is a standard for the rest of the world.”

Despite previously dismissing bitcoin as a “scam,” Trump now has extensive ties to the crypto industrymany high profile members of which come out in support of his re-election campaign.

In the run-up to the 2024 elections, the crypto organization he donated hundreds of millions of dollars to crypto-focused political action committees, which have spent funds in support of crypto-friendly congressional candidates, many of them Republicans.

On the campaign trail, Trump began to cast himself as the first “crypto president.” In July, in front of a angry crowd of bitcoinersTrump has promised to turn the US into a crypto mining powerhouse and establish a national bitcoin stockpile if re-elected. In the same speech, he promised to remove Gensler, the SEC chair, causing the loudest applause of the night.