Trump transition
Trump transition
Trump Transition
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The crypto industry has pushed President-elect Donald J. Trump to create one, thus creating genuine political momentum for this plan.
By David Yaffe-Bellany
David Yaffe-Bellany covers the crypto industry.
Two 50-page policy proposals presenting the plan in detail. Discussions on main points with President-elect Donald J. Trump and his advisers. And discuss with closet applicants how to pay for it.
On the eve of Trump’s inauguration, the crypto industry is pressuring his new administration to execute an ambitious plan that would have seemed like just a year ago: a government program to buy and hold billions of dollars’ worth of Bitcoin.
During his election campaign last summer, Trump pledged to create a “federal Bitcoin reserve” that would serve as a “permanent national asset for the benefit of all Americans. “Bitcoin enthusiasts have hailed the concept as potentially transformative, saying it would reduce the national debt. It is possible that Trump will still abandon this project, whose main points are under debate. But industry executives spent weeks pushing to shape the proposal, raising hopes that Trump could act soon after taking office.
In recent days, crypto executives have submitted comments to David Sacks, a venture capitalist whom Trump appointed to oversee crypto and synthetic intelligence, on a conceivable executive order covering various spaces of crypto policy. said 3 other people with knowledge of the matter. Bitcoin stocks are part of these discussions, two of them said.
“This may just be a day one initiative,” said Pete Rizzo, editor-in-chief of Bitcoin Magazine, an industry news publication. “It’s a concept that has come a long way in a short time. “
By some estimates, the United States owns as much as $19 billion in Bitcoin that it has seized from criminals over time, a stash that the government has recently moved to sell. Some crypto executives are calling on Mr. Trump to simply hold on to that Bitcoin, which he could most likely do with an executive order. Others are pushing a more ambitious plan in which the government would acquire tens of billions of dollars in new Bitcoin, building a “strategic reserve” similar to federal stockpiles of gold and oil. That amount of spending may require congressional approval.
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