Trump’s Crypto Agenda: Will the U.S. Become the Blockchain Capital?

Got crypto?

President Donald Trump’s second term is looking like a crypto fan’s dream, with promises to turn the U.S. into a blockchain paradise.

With the Republicans now in charge of the House and Senate, the chance of crypto-friendly bills becoming law has shot up.

But it remains to be seen what will happen with the SEC and Treasury and their role.

And just recently President Trump met up with CEO of Ripple Labs, a financial technology company specializing in blockchain and cryptocurrency solutions.

Also, say goodbye to capital gains taxes on your Bitcoin…

BREAKING: TRUMP TO ELIMINATE ALL CAPITAL GAINS TAXES ON CRYPTO ISSUED BY U.S. COMPANIES. pic.twitter.com/VZhzgW9Kh1

— Roaring Kitty 💹🧲 (@RoaringKitty) November 15, 2024

Coindesk reports:

Last week Donald Trump won his second presidential race in three tries.
During his campaign, Trump said the U.S. would become the crypto capital of the planet. Soon we’ll see whether and how he’ll deliver on those promises.

There are a few broad conclusions I think we can draw based on the results so far.

1. The crypto industry confirmed that in a post-Citizens United world, money talks.

Fairshake dumped $40 million into Senator-elect Bernie Moreno’s Ohio race against incumbent Senator Sherrod Brown. Brown ran ahead of Democrats’ presidential candidate, Kamala Harris, but ultimately still lost his seat amid Republicans’ broader sweep last week.

Overall, Fairshake has backed over 50 candidates who won their races, and may see just five candidates lose their general election races (as of press time, that number is three; California’s 45th district and Alaska’s at-large district are still counting votes).

We’ll have a deeper analysis on Fairshake and its track record soon.

2. The chances of some kind of crypto bill passing have gone up.

Republicans will hold the House, Senate and White House. While crypto probably won’t be priority number one, the chances of some kind of crypto legislation — whether that’s a new version of the Financial Innovation and Technology for the 21st Century Act (aka FIT21), a stablecoin bill, a Bitcoin strategic reserve bill or something else entirely — passing through the legislative process and becoming law have increased dramatically.

3. We still don’t know who may lead the Securities and Exchange Commission, Treasury Department or Commodity Futures Trading Commission.
These are probably the three entities most directly of interest to the crypto industry.

Trump has named a number of his future Cabinet nominees, including Representative Matt Gaetz as attorney general, Robert F. Kennedy Jr. to run the Department of Health and Human Services and Pete Hegseth to run the Department of Defense Former SEC Chair Jay Clayton, who set in motion much of Gary Gensler’s SEC crackdown on crypto, will be Trump’s pick to run the U.S. Attorney’s Office for the Southern District of New York — i.e. the Department of Justice branch best known for pursuing corporate crime.

This is the team that prosecuted Sam Bankman-Fried and is prosecuting Roman Storm, Keonne Rodriguez, William Lonergan Hill, KuCoin and others.

JUST IN: 🇺🇸 DONALD TRUMP & RIPPLE CEO MEETING CONFIRMED ON FOX BUSINESS!

"$XRP is one of the best performance off the news that @bgarlinghouse met with President Donald Trump."

What do you believe Ripple CEO discussed with Donald Trump during their White House meeting? 🤔💭… pic.twitter.com/T81BrPQUji

— Good Morning Crypto (@AbsGMCrypto) November 15, 2024

A reminder of Trump’s plan for crypto:

Trumps Crypto Agenda pic.twitter.com/MKYcVxtT3b

— MartyParty (@martypartymusic) November 11, 2024