The post Trump era could propel digital currencies or expose their dark side appeared on BitcoinEthereumNews.com.

Donald Trump’s re-election has reassured cryptocurrency enthusiasts, as his administration has openly embraced a pro-crypto stance. However, as the president will soon be sworn in, cryptocurrency’s fate stands in the balance; it could go mainstream or be brought down by a cast of villains. There are strong beliefs that the Trump administration will accommodate crypto’s plea for official recognition as a store of value. The idea of Paul Atkins assuming the SEC chairperson has rekindled these hopes because he has been warm towards crypto, unlike his predecessor, Gary Gensler. During the US presidential election campaign, Trump floated the idea of establishing a national Bitcoin reserve. Such sentiments could mean that regulatory frameworks will favor crypto, even though some critics saw the promise of a Bitcoin reserve as a scam. Criminal activities might be on the rise with crypto going mainstream While everything looks exciting, cryptocurrency has a dark side that few people understand. Already, criminals, notorious Irish gangsters, Hamas, Russian arms dealers, and North Korean hackers have moved billions of dollars through stablecoins, including Tether. Trump’s victory has impacted Tether’s outlook so much. With the current state of Tether as the world’s favorite stablecoin and Trump as the president, Tether might present serious problems. The growth of Tether will leave it exposed and interconnected with Wall Street firms like Cantor, putting the broader financial system at risk in case of crypto crises. Also, a vibrant Tether would create an enabling environment for illegal activities, undermining the government’s ability to fight crime, counter terrorism, and enforce sanctions. The current happenings are breeding confidence in the crypto space. However, there is no legal foundation or documentation to enforce these brilliant moves. Therefore, it is very difficult to predict how Bitcoin’s future will look. Will crypto be a team player or an outlaw…

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Filed under: News - @ January 5, 2025 9:13 pm