Author: Jack Inabinet Source: bankless Translation: Shan Oppa, Golden Finance

Today is the president of the United States On Inauguration Day, the crypto industry is looking forward to the next four years under openly pro-cryptocurrency President Donald Trump.

During the campaign, Trump not only promised to make "America great again", but also promised to build the United States into a global cryptocurrency powerhouse! Trump’s agenda appears poised to usher in the next era of the bull market, but can he deliver on his promises?

Here are five promises Donald Trump has made to the crypto industry that must be kept.

When Donald Trump said U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler at the 2024 Bitcoin Conference in Nashville Gensler emerged as the crypto industry's consensus choice for president when he was fired on Trump's first day in office.

Although it is unclear whether President Trump has the authority to forcibly fire sitting SEC commissioners under normal circumstances, Gensler ultimately chose to self-fire and in November The late announcement of his resignation was somewhat expected. Two weeks later, Trump nominated longtime SEC veteran Paul Atkins to replace Gensler.

Chairman Gensler's last day in office is Friday, January 17, with neither of his fellow Democrats expected to remain on the committee in 2025. A Trump administration should be free to create an SEC that can provide crypto regulatory clarity.

At the 2024 Bitcoin Conference in Nashville, Trump first outlined his plan to support crypto in the United States by Mining operations and the establishment of a federal strategic Bitcoin reserve, making the United States a leader in blockchain technology.

Last Thursday, Bloomberg reported that Trump was keen to issue an executive order declaring cryptocurrencies a priority and establishing a Presidential Cryptocurrency Advisory Council (of course on his first day in office).

Trump also said he would be open to potentially expanding the holdings of the U.S. Crypto Strategic Reserve to assets beyond Bitcoin. Additionally, these moves may calm market concerns about future federal crypto asset sales, For example, the 69,000 BTC confiscated from Silk Road hacker James Zhong in 2021

FTX in November 2022. After the collapse, crypto banks came under fire in January 2023 with a joint statement from three major regulators that highlighted the potential risks associated with cryptocurrencies and warned banks against developing concentrated exposure to the sector. p style="text-align: left;">Crypto bank Custodia’s application for a Federal Reserve account was subsequently rejected due to its crypto-related risk characteristics, which angered the crypto industry in February 2023. Op-ed article claiming Biden A "plan to prevent banks from working with crypto companies" is being coordinated among multiple agencies. A month later, two of the companies mentioned by Nic Carter were banned. The banks unfairly targeted by regulators—Signature and Silvergate—were shut down by the Federal Deposit Insurance Corporation (FDIC) due to solvency concerns, however, many believe that these two banks were actually deliberately targeted for their ties to cryptocurrencies. Target.

Donald Trump has pledged to immediately end "Operation Choke 2.0." Additionally, Joe Rogan's post-election interview discussing the topic with a16z founder Marc Andreessen has created a stir among many conservatives outside of crypto circles. There is widespread concern that Biden’s intervention in this matter is excessive.

U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB). 121) Effective in April 2022. The announcement strongly recommends that financial institutions that hold crypto assets for their customers record a liability and corresponding asset entry on the company's balance sheet.

This accounting treatment creates new record-keeping requirements for crypto-assets that do not apply to traditional securities such as stocks and bonds. It also creates new requirements for regulated entities that wish to hold crypto-assets on behalf of their clients. Financial institutions impose higher capital reserve requirements (i.e. need to hold more cash), which requires companies to tie funds to crypto assets, weakening their custody of tokens.ability.

The Republican Party launched a campaign to repeal SAB 121 last May. According to a recent report in the Washington Post, Trump plans to direct the SEC to repeal the law on his first day in office.

Ross Ulbricht was sentenced to life in prison in 2015 for founding and running the Silk Road. Silk Road was a darknet marketplace that sold illegal goods and services. To bypass U.S. banking regulations and “protect” anonymity, all Silk Road transactions were paid for in Bitcoin.

In order to gain more support in his campaign, Trump promised at the Libertarian Party’s national convention last May that he would Ulbricht's sentence was commuted and released.

With Donald Trump about to take office, the crypto industry faces another critical moment. The coming days will reveal whether and how President Trump delivers on his ambitious agenda. If successful, this could redefine the United States’ global leadership in blockchain technology and fuel a new surge in the crypto market.