President Trump Vows to ‘Do Something Great With Crypto,’ Aims to Position U.S. as Global Head
U.S. President-elect Donald Trump’s cryptocurrency strategy has become clearer after he announced the appointment of a White House cryptocurrency czar and the appointment of a new securities regulator. In a recent interview at the New York Stock Exchange, Trump announced plans to establish a U.S. cryptocurrency reserve as he aims to do some great things in the cryptocurrency space.
Trump wants America to be a global leader
President-elect Donald Trump announced his ambitious plans for a U.S. cryptocurrency reserve, similar to the Strategic Petroleum Reserve, during a visit to the New York Stock Exchange (NYSE). Trump also had the honor of ringing the opening bell for today’s deal, outlining his vision against the backdrop of being named Time magazine’s “Person of the Year” for the second time.
In an interview with Jim Cramer, Trump asserted in his speech that “we are going to do some great things with cryptocurrencies.” “We need a lot of power. We’re going to be the leader in this space.”
“We don’t want China, or anybody else,” Trump said. “Everyone else is embracing it, and we want to be the leader.” Trump also wants to dominate artificial intelligence, and his comments show that His confidence in making America a leader.
Trump has appointed former PayPal executive and cryptocurrency supporter David Sachs as the “White House AI and cryptocurrency czar,” seemingly fulfilling his campaign promise to be the “crypto president.” He previously announced his intention to nominate pro-cryptocurrency Washington lawyer Paul Atkins to serve as SEC chairman.
The president did not outline specific policies or timelines, but said detailed plans will be discussed with industry leaders and policymakers in the coming weeks.
While cryptocurrency industry leaders are excited about the new appointments, saying they can reverse the Biden administration’s strict policies and encourage innovation, some analysts in Washington are concerned.
They noted that the creation of the new position of cryptocurrency czar creates some uncertainty about who will actually be responsible for cryptocurrency policy and increases the possibility of conflict in policymaking.
