Despite optimism, incoming administration’s crypto agenda may take time amid other pressing national priorities.
Crypto Policy Expectations Post-Inauguration
With Donald Trump set to take office on January 20, his campaign’s pro-crypto stance has sparked optimism. However, NYDIG’s Greg Cipolaro has cautioned against expecting swift changes to crypto policies, citing procedural and legislative hurdles.
“Key officials still need to be named, those that have been named need to go through the confirmation process, and then once confirmed they need to assemble their staff.”
Key Appointments Pending Confirmation
Cipolaro highlighted that several crucial appointments, including roles at the Commodity Futures Trading Commission and Federal Deposit Insurance Corporation, remain unannounced. Confirmations and staff assembly will also delay immediate policy implementation.
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Legislative Challenges and Priorities
While regulations on stablecoins and clarifications on crypto oversight are anticipated, Cipolaro noted that a reinvigorated conservative legislature might resist compromise. Moreover, issues such as the budget, immigration, and geopolitical conflicts may overshadow crypto as immediate priorities.
Potential Strategic Bitcoin Reserve
One significant development could be the establishment of a U.S. strategic Bitcoin reserve. Cipolaro speculated this might come via executive order, leveraging $18.3 billion in confiscated Bitcoin holdings. However, he emphasized the impermanence of executive actions, which could be reversed by future administrations.
Market Sentiment
While Trump’s picks for the Treasury and SEC are seen as favorable for crypto, the broader market remains cautiously optimistic, awaiting concrete steps from the new administration.
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