Donald Trump before he became president for the second time, promised to do The US is the crypto capital of the world. It’s not for nothing that major crypto companies spent hundreds of millions of dollars on his election campaign and the promotion of lobbyists to Congress. It’s time to give back.
Trump himself, according todata Fores, has already managed to earn at least $1 billion from cryptocurrency projects. And their empire is only growing. Even traders joke that a single post by the US president on social media is enough to change market dynamics or the price of an asset.
Cryptocurrencies are being actively legalized and promoted in the United States. In July, Trump signed a key bill: Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)— on the legal status and regulation of stablecoins. Two more bills, the Digital Asset Market Clarity Act (CLARITY Act) on the transparency of the digital asset market and the ban on CBDCs, have not yet been approved by the US Senate.
Instead, on July 30, the White House Cryptocurrency Task Force released a 160-page report that proposed a detailed framework for regulators and lawmakers regarding digital assets.
This report is the result of months of effort by a cryptocurrency task force created by Trump that includes the Treasury and Commerce Secretaries, the Attorney General, and other experts. A crypto skeptic in the past, Trump has ordered his administration to crack down on the U.S. cryptocurrency industry.
«By implementing these recommendations, policymakers can ensure U.S. leadership in the blockchain revolution and usher in the Golden Age of cryptocurrencies,» the document says.
The voluminous report provides many recommendations on how to structure cryptocurrency markets and allocate regulatory responsibilities among federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
It called on these regulators to «immediately…provide clarity to market participants on registration, custody, trading, and recordkeeping issues» and «allow innovative financial products to reach consumers without bureaucratic delays».
The report also urged Congress to pass legislation that «embraces decentralized finance technology and recognizes the potential for integrating the technology into mainstream finance». And to modernize our anti-money laundering regulations» on cryptocurrency networks.
It also refers to the potential benefits of integrating DeFi technologies — automated platforms for lending and borrowing crypto assets — into mainstream finance.
The Cryptocurrency Working Group recommended that the U.S. Treasury Department and the Internal Revenue Service revise their previous recommendations on taxation of mining and staking activities.
James Butterfield, Head of Research at CoinShares called the report «very ambitious and ideologically clear» and «strong support for digital assets», but cautioned that «success will depend on bipartisan legislative action, regulatory enforcement, and how well it balances freedom, innovation, and financial integrity».
Democrats have been screaming about the danger for a long time, but no one hears them. Trump launches TRUMP memecoin, sons hold stake in bitcoin mining firm American Bitcoin. The Trumps also launched the World Liberty Financial crypto platform and the USD1 stablecoin. Trump Media, whose largest shareholder is the US president, has accumulated approximately $2 billion in bitcoins— what is not a full-fledged cryptocurrency empire?
Obviously, Trump and his cronies can benefit from further deepening the adoption of cryptocurrencies. Meanwhile, the White House claims that there is no conflict of interest, as Trump’s assets are held in a trust to which he has no direct access, as they are managed by his children.
Meanwhile, on July 28, the Securities and Exchange Commission (SEC) announced that it would delay its decision to approve an application for an exchange-traded fund (ETF) based on spot BTC from Trump Media & Technology Group (TMTG) until September 18.
In June, the Gallup company published a survey that showed that 14% of US adults own cryptocurrency (in 2018, the figure was 2%, and in 2021, it was —6%). Currently, 17% of investors claim to own bitcoin or other cryptocurrencies. At the same time, after falling from 72% in 2018 to 58% in 2021, the percentage of investors who say they will never own cryptocurrency is now 64%. However, only 4% of respondents said they are considering buying cryptocurrency in the near future, while 17% said they are interested in the possibility but do not plan to buy in the near future. Another 60% are not interested in buying cryptocurrency at all.
People with a household income of more than $90 thousand were significantly more likely (19%) to buy cryptocurrency than those with lower incomes (9%).
At the same time, most respondents know and consider cryptocurrencies to be risky assets. It is worth recalling that more than 813 thousand investors suffered losses totaling $2 billion after purchasing the TRUMP memecoin, and the Trump Organization and partners earned $100 million in commissions.
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