- The decision of Trump for the Treasury, the Security and Exchange Commission, and the White House digital assets adviser seems positive for crypto.
- A probable change can be seen as a form of implementation of a strategic Bitcoin reserve, which Cipolaro said could come swiftly.
- Prominent executives still need to be named, and those who have been named need to go through the confirmation process.
The New York Digital Investment Group says that Donald Trump’s promise to overhaul crypto regulations could be far off as inauguration day nears. The global head of research at NYDIG, Greg Cipolaro revealed in a January 10 research note that it would forewarn on anticipating quick changes to crypto policy, even with Trump taking the charge on January 20.
Cipolaro also mentioned that at the time of the inauguration, it is freshening hopes for the upcoming government to carry out the majority of its campaign promises, many can take place swiftly, but others may take some time.
The positive picks of Trump
Prominent executives still need to be named, and those who have been named need to go through the confirmation process, and then once it’s stamped, they need to gather their staff. Other prominent crypto legislation, like rules presiding over stablecoins and a bill to shed light on the securities and commodities regulator’s roles in protecting crypto, may take some time.
This could be because an enlivened conservative and free-market legislature may be less inclined to understand points than when liberals managed the Senate. The implementation of these steps may be a subject of priority, with things such as geopolitical conflict, the budget and debt ceiling, global trade and tariffs, and many more.
The decision of Trump for the Treasury, the Security and Exchange Commission, and White House digital assets adviser seems positive for crypto, but his decision for prominent positions at the Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation is not announced till now.
Each and every decision and pick of Trump has not been unveiled yet, but what has been portrayed already for the agencies that matter related to crypto and Bitcoin, we like what we see, Cipolaro mentions.
The probable change
A probable change can be seen as a form of implementation of a strategic Bitcoin reserve, which Cipolaro said could come swiftly by an Executive Order. He mentioned a draft idea of how such an order could look has so far been written by a Bitcoin advocacy group and disseminated on social media.
Cipolaro mentions, however, that an executive order would not be that permanent, one that could be repealed by the next president. A probable US strategic Bitcoin reserve could come from the $18.3 billion worth of the crypto that has been impounded by the government, he revealed.
That relieves a projection that the US would be a seller of Bitcoins, Cipolaro added. But it does not make gradual demand.
