Trump has been off to a strong start with implementing a pro-crypto agenda over the past 100 days in office.
Bitcoin
President Donald Trump may be contending with low approval ratings from the general public, but the crypto community arguably still has a very positive view of the 47th U.S. President. As a candidate in the 2024 Presidential Election, Trump made crypto a major focus of his campaign.
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Flash forward to now, 100 days into his administration. The President has for the most part lived up to promises made on the campaign trail. Namely, that his administration would usher in a new shift from the adversarial, enforcement-based regulatory approach of his predecessor, to implementing policies more favorable to industry growth. With this, the crypto space continues to hold a positive view of the President.
Yes, so far, these actions have not led to a hitting of new highs for Bitcoin and other major cryptocurrencies. While Bitcoin has experienced a sharp rebound in recent weeks, BTC prices have yet to re-hit six-figure prices, which is what BTC was trading for on inauguration day.
Still, based on key takeaways from a recent interview with the head of leading cryptocurrency company Binance, the President, his cabinet, and his political allies on Capitol Hill may be gearing up to unveil the next big regulatory breakthrough for the industry.
Richard Teng Interview Reveals Possible Crypto Game-Changer
Trump has been off to a strong start with implementing a pro-crypto agenda over the past 100 days in office. However, the President and his administration still have their work cut out for them. For instance, the Federal Reserve has been far slower in embracing crypto.
On one hand, the central bank recently eased on some past crypto-related guidance for banks. However, the Fed, which operates independent of the President, has yet to fully roll back restrictions on bank involvement in crypto activities. Nevertheless, while Fed support remains a work in progress, Trump and his political allies could soon unveil the next big game-changer for the industry.
In an interview with UAE-based publication The National at the Token2040 conference in Dubai last month, Binance CEO Richard Teng provided his take on where regulation of cryptocurrencies are headed from here. Citing his recent meetings with top U.S. regulators and government officials, Teng is also confident that the U.S. Federal Government is just months away from proposing new pro-crypto regulations, “The new efforts and optimism is very real in the US. So, I believe the US is going to come out with very enlightened, pro-industry and smart regulations that support the industry but also manages the risk at the same time. So you’re probably going to see some of the new legislation coming through by August this year.”
According to Teng, these will in turn spur another wave of high demand from institutional investors such as high-net worth individuals (HWNIs), family offices and traditional financial institutions such as banks.
Trump Embraces Crypto in More Ways Than One
Between the issuance of Executive Orders, including one calling for the creation of a Strategic Bitcoin Reserve, to his appointment of pro-industry regulators to lead up regulatory agencies, through many of his initial actions as U.S. President, Trump has clearly embraced an increased role for crypto in the mainstream financial system.
However, Trump’s embracing of crypto goes beyond just decisions made from the Oval Office. With the launch of his own digital token, $TRUMP, shortly before his return to the White House in January, the President and his family have made a sharp pivot towards crypto-related business ventures.
$TRUMP and other crypto ventures tied to the President have come under scrutiny, especially after Trump announced plans to hold a private dinner with top holders of the $TRUMP token. Even so, the Trump family’s move into crypto hasn’t scared off the major cryptocurrency community.
Although not explicitly supportive of $TRUMP’s launch, the crypto community remains focused on what else Trump can do for crypto-Not the other way around. Tariffs, not crypto, have of course been Trump’s main focus as of late, but as hinted above, there may be signs that major pro-industry changes are just around the corner.
The Takeaway
After “talking the talk,” Trump has “walked the walk,” through his fast-tracking of crypto policy changes favorable to the industry. With these recent, ongoing, and likely future actions, Trump has touted that the end result may be increased growth and prosperity for the U.S. economy.
However, the ultimate impact could prove beneficial for those beyond America’s borders. As further legislative changes will likely spur additional institutional investment, this positive inflow of capital would likely in turn have a positive impact on the price of Bitcoin and other cryptocurrencies
Increased adoption and investment also stands to drive the further development and innovation of the blockchain economy. This could prove especially beneficial to emerging markets, which have been turning to crypto as a means to increased financial inclusion and monetary independence.
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