The crypto universe could experience a historic change with the return of Donald Trump to the White House. Indeed, the president-elect, already known for his divisive positions, has placed cryptos at the heart of his economic priorities. It aims to propel the United States to the rank of world leader in this booming sector. Among his promises are the creation of a strategic reserve of bitcoins and the establishment of policies favorable to crypto companies. These initiatives, which demonstrate a desire to break with the previous administration, trigger a mixture of hope and skepticism within the industry. If its supporters welcome a bold vision for the future of cryptos, observers recall the numerous obstacles which will punctuate the realization of these projects, whether political, economic or regulatory. Donald Trump's next term could thus mark a decisive step in the evolution of cryptocurrencies in the United States and on the international scene.
Trump's first commitments for a crypto revolution
From the start of his campaign, Donald Trump affirmed his intention to become the “crypto president”, a positioning which quickly aroused the enthusiasm of part of the blockchain community. Among his most ambitious promises is the transformation of bitcoin into a national strategic asset. Last July, he announced a plan to allocate $21 billion over one year to create a national bitcoin reserve. This initiative, supported by preliminary documents issued by the Bitcoin Policy Institute, was described by Zack Shapiro, director of the institute, as a unique opportunity to strengthen the position of the United States against its geopolitical competitors in the adoption of blockchain technologies.
Furthermore, Trump insisted on the need to reintegrate crypto companies into the traditional banking system, often criticized for its practices considered restrictive towards this sector. During a major speech in July, he declared forcefully: “banks will no longer be allowed to strangle crypto companies out of the financial system”. This declaration was accompanied by the strategic appointment of pro-industry figures, such as David Sacks, designated White House crypto czar, and Paul Atkins, a former regulator now heading a committee of transition. Thus, these choices demonstrate a clear desire to redefine the interactions between financial institutions and the crypto industry.
Between independent regulations and political reality
The realization of Donald Trump's ambitions in the field of cryptos faces significant institutional obstacles. In the United States, federal financial regulators, notably bank supervisors, have autonomy that limits the direct impact of presidential decrees. Jonah Krane, expert at the Klaros Group, highlights this reality and says: “Regulators will not change their policies immediately, but these gestures indicate a desired policy direction.” These comments provide further information on the fact that presidential initiatives risk being perceived only as signals of intention, with no immediate effect on the policies in force.
Another sticking point is the legal feasibility of creating a strategic bitcoin reserve. Legal experts are divided on whether such a project can proceed without congressional approval. This uncertainty fuels the doubts of many observers, although some consider this initiative as a positive signal in favor of innovation in the crypto sector. Additionally, the logistical and financial challenges that accompany a project of this magnitude should not be underestimated. Additionally, the need to allocate $21 billion to purchase bitcoin, combined with the increased volatility of the crypto market, represents a major source of instability and complexity for policymakers.
The initiatives announced by Donald Trump could redefine the role of the United States in the crypto ecosystem, but they are not without challenges. If his return to power marks a break with the previous administration, uncertainty remains regarding the realization of his promises in the face of institutional constraints and economic realities. These expected first executive orders will set the tone for a national strategy that could place the United States at the forefront of crypto innovation, or on the contrary, reveal the limits of an ambitious, but controversial, approach. The success or failure of this bet will have profound implications for the industry and for the geopolitical positioning of the country.
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