Trump’s Crypto-Era: Key Promises and Their Impact on the Industry
Donald Trump’s return to the White House has sparked speculation about the future of cryptocurrency in the U.S. Unlike previous administrations, Trump has made bold commitments to positioning the country as a leader in blockchain innovation.
While some promises remain early, others are already in motion. Here’s a closer look at five key commitments and how they could shape the future of crypto.
1. Reshaping the SEC: Firing Gary Gensler
One of the first actions under Trump’s administration was the removal of SEC Chairman Gary Gensler, who was widely criticised for his restrictive approach to cryptocurrency regulation. His tenure was marked by multiple lawsuits against crypto firms, uncertainty over regulatory frameworks, and accusations of stifling innovation. His departure signalled that the new administration intends to take a different approach.
In his place, Mark Uyeda, a known advocate for more transparent and fairer crypto regulations, has been temporarily appointed. Trump has also nominated Paul Atkins as a permanent replacement, a former SEC commissioner with a history of supporting technological advancements. If the new leadership follows their vision, the crypto industry could experience fewer regulatory roadblocks and a more transparent operational framework.
2. Cryptocurrencies as a National Priority
Trump has emphasised that the United States should be at the forefront of blockchain development. His vision includes fostering a thriving mining environment, establishing a national Bitcoin reserve, and even creating a dedicated crypto advisory council within the government. This push aims to position America as the global leader in digital assets.
Eleven states have already drafted proposals for an official Bitcoin reserve, demonstrating significant interest at the state level. These initiatives could inject substantial liquidity into the market, further strengthening Bitcoin’s position. A clear regulatory framework and state-backed initiatives could make the U.S. a more favourable jurisdiction for crypto businesses and institutional investors.
3. Ending Operation Chokepoint 2.0
The collapse of FTX triggered a wave of scepticism among banks, making it more difficult for crypto firms to access traditional banking services. Dubbed “Operation Chokepoint 2.0,” this informal strategy has been viewed by regulators as an attempt to isolate crypto businesses from the financial system, limiting their ability to grow and operate efficiently.
Trump has pledged to end this practice, ensuring banks and financial institutions can work freely with crypto startups without undue restrictions. If realised, this would significantly enhance liquidity in the market and create a more stable financial ecosystem for blockchain-based projects. Reducing barriers to entry could also encourage further institutional adoption of digital assets.
4. Repealing SAB 121
One of the biggest hurdles for traditional financial institutions dealing with crypto has been SAB 121, which requires companies to maintain large capital reserves when offering crypto services. Due to high compliance costs and operational constraints, this has discouraged banks from integrating digital assets into their financial products.
Trump’s plan to remove SAB 121 could pave the way for crypto-friendly banking services. With major banks like Bank of America expressing readiness to implement crypto transactions, this repeal could unlock new financial products, including institutional crypto custodianship and seamless crypto payments. By lowering the barriers for banks to enter the space, crypto could become a more mainstream component of everyday financial activities.
5. Reviewing Ross Ulbricht’s Case
Ross Ulbricht, the creator of Silk Road, has been serving a life sentence for operating the now-defunct online marketplace where Bitcoin was widely used. Many in the crypto community argue that his punishment is excessive, as he was merely the platform’s creator and not responsible for illegal activities conducted by users.
Trump has pledged to review Ulbricht’s case and consider a sentence reduction or even a pardon. If this happens, it would be a significant moment for the crypto industry, reinforcing that blockchain technology should not be criminalised due to its early adoption by illicit actors. Moreover, it would serve as a symbolic win for the movement advocating for fair treatment of crypto pioneers.
Progress and What’s Next?
While much of this agenda remains in progress, one major promise has already been fulfilled — removing Gary Gensler. Additionally, banks have signalled readiness to implement crypto transactions, multiple states are preparing Bitcoin reserve plans, and rumours of Ross Ulbricht’s potential release are gaining traction, even drawing comments from Elon Musk.
For now, Trump’s crypto strategy is unfolding in favour of the industry. If his administration follows through on these commitments, the U.S. could enter a new era where digital assets are fully integrated into the financial system with clear, business-friendly regulations. However, whether these promises will materialise remains to be seen, leaving the crypto community cautiously optimistic about the future.
Conclusion
Trump’s administration is shaping up to be a pivotal moment for crypto, with regulatory shifts, banking integration, and national blockchain initiatives on the horizon. While some changes are already underway, others face hurdles before full implementation. If these promises materialise, the U.S. could solidify its role as a global crypto leader — but uncertainty remains, leaving the industry watching closely.
About Concorpad
Concorpad stands at the forefront as an innovative launchpad platform operating on the robust Concordium blockchain, poised to revolutionise the IDO landscape for inventive ventures. Our core mission is firmly rooted in bridging the divide between visionary concepts and the market, providing an all-encompassing framework from initiating token launch to its seamless listing. At Concorpad, our unwavering dedication revolves around cultivating growth and propelling innovation within the expansive realm of the blockchain ecosystem.
