The Trump Cryptorenaissance is here

The wheels of Donald Trump’s plan to turn the United States have already begun to turn.The crypto capital of the planetAfter returning to the White House.

in a executive order Signed Thursday, Trump established a “Working Group on Digital Asset Markets,” which will be responsible for weighing, among other things, the possibility of the United States building a “strategic national digital asset stockpile.”

One of the numerous promises Trump made to the crypto industry before his re-election was the promise to set up a reserve. Concept though Stuck EconomistIt’s a get Pleasant welcome Among Bitcoiners. as Rumors of an upcoming announcement On Thursday expansion, its price Bitcoin rose to $105,000 per coinJust short of the record high.

The order also requires the working group—composed of leaders from various government branches, financial regulatory agencies and the attorney general—to come up with an appropriate set of regulations and laws governing crypto use.

Earlier in the week, on Trump’s second day in office, the Securities and Exchange Commission – the US regulatory agency that is a Volley of the case Against crypto firms under the Joe Biden administration-established A “Crypto Task Force.” Under new leadership following the departure of former chair Gary Gensler, who was at large Satanic in the cryptosphereThe SEC will create a “comprehensive and clear regulatory framework for crypto assets,” the agency said.

Trump later that same day Pardon granted Ross Ulbricht, who was serving life in prison for crimes committed while running the infamous darknet marketplace Silk Road, was one of the first websites to accept Bitcoin as payment. After his arrest in 2013, Ulbricht became a martyr in crypto circles for spreading the bitcoin gospel.

These initial gestures indicate Trump’s willingness to follow through A pre-campaign promise: To pass various crypto-related laws, reform the financial regulatory apparatus in the US, and weave crypto into the US national treasury. The effects will be far-reaching, crypto figures believe, reverberating far beyond US shores and creating the conditions for a new golden age for the industry.

“Our technology is very powerful and transformative. We need to land it in different societies,” said Joseph Lubin, co-founder of Ethereum and CEO of software company Consensus. “And America is a standard-setter for the rest of the world.”

Despite previously dismissing Bitcoin as a “scam,” Trump now does Extensive ties to the crypto industryMany of which have high-profile members came out in support of his re-election campaign.

In the lead up to the 2024 election, crypto firms Donated hundreds of millions of dollars Many of the crypto-focused Super Political Action Committees, which spent funds supporting crypto-friendly congressional candidates, were Republicans.

On the campaign trail, Trump began billing himself as the first “Crypto President“Come forward in July Rush of BitcoinersTrump promised to turn the US into a crypto mining powerhouse and establish a national bitcoin reserve if re-elected. In the same speech, he promised to fire SEC Chair Gensler, prompting the loudest applause of the night.