The Inauguration of Trump is Approaching, But Promises of Cryptocurrency Could 'Take Some Time'

The inauguration of Donald Trump is only a few days away and the President-elect of the United States has promised to reform regulations on cryptocurrency, but New York Digital Investment Group believes it may be a while before that becomes a reality. Greg Cipolaro, global head of research at NYDIG, noted in a research note on January 10 that they "will be cautious in expecting immediate changes" to cryptocurrency policy, even with Trump taking office on January 20. Cipolaro said that while the inauguration ceremony is raising hopes that the new government will fulfill many promises in its election campaign, "many things can happen quickly, but some may take time". “Key officials still need to be named, those who have been named need to go through a confirmation process and once confirmed, they need to gather their staff.” Other important rules on cryptocurrencies, such as stablecoin governance rules and pre-laws clarifying the role of the securities and commodities regulatory authority in controlling cryptocurrencies, "may take a while to pass," as the legislative body is conservative and the free market is being restructured "may be less willing to compromise on points than when the free control faction in the Senate". He said: "Implementing these initiatives may be a priority, with issues such as political conflicts, budgets and public debt, global trade and tariffs, and immigration perhaps being more urgent issues." Trump's choices for the Treasury Department, Securities and Exchange Commission, and White House digital asset advisor seem positive for cryptocurrencies, but his choices for key positions at the Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation have not yet been announced. Cipolaro said: "Not all of Trump's choices have been disclosed, but from what we know so far about the important agencies related to cryptocurrency and Bitcoin, we like what we see".

One potential change could be the deployment of strategic Bitcoin (BTC) reserves, which Cipolaro said "could happen quickly through an Executive Order." He also mentioned a draft idea of how such an order might look, which was written and circulated by a Bitcoin support group on social media. However, Cipolaro said a legal order "will be much less long-lasting, an order that could be revoked by the next president". He said that a strategic Bitcoin reserve of the United States could come from the seizure of $18.3 billion worth of digital currency by the government. Cipolaro added, "That reduces concerns that the U.S. will be a seller of Bitcoin". "But it doesn't create increased demand". DYOR! #Write2Earn #Write&Earn $BTC (BTCUSDT)