President Trump promised to make the United States the “crypto capital” of the world. In his first days in office, he took steps to advance that goal, including by signing an executive order designed to support the U.S. crypto industry and appointing senior officials who support crypto. President Trump has also begun to roll back certain aspects of the Biden administration’s crypto regulatory and enforcement policies and indicated that his administration will attempt to implement a clear regulatory framework for the crypto industry.
Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of additional Bitcoin that were worth billions and billions of dollars had they not sold them. But they did sell them, mostly during the Biden administration, and not a good thing to have done. (Donald Trump)
The Executive Order focuses on several key priorities, including:
Even if the Trump administration provides a clearer regulatory framework for the crypto industry and expands opportunities for companies to provide innovative crypto services, the federal government is likely to continue prosecuting cases of fraud, money laundering, sanctions violations, and similar crimes in the crypto context. In addition, many companies will still need to navigate the complex web of state regulation that applies to crypto and other digital assets. For example, crypto companies operating in New York will remain subject to New York’s “BitLicense” regulatory and licensing regime. California also recently enacted and is now implementing its Digital Financial Assets Law, which will similarly require many crypto companies to obtain a license. Many states’ money transmission licensing laws will also continue to apply to crypto companies.