What’s Next for Cryptocurrency Under President Trump’s Admin
The post What’s Next for Cryptocurrency Under President Trump’s Admin appeared on BitcoinEthereumNews.com.
President Trump signed orders promoting AI and crypto, and the SEC repealed SAB121, allowing banks to hold and manage crypto assets. Illinois, Arizona, and Texas are setting up Bitcoin reserves, showing increasing institutional interest in Bitcoin as a stable asset. Major companies like BlackRock are investing heavily in Bitcoin, and Ripple (XRP) is becoming a key reserve option despite volatility warnings from the IMF and World Bank. A week and a half into Trump’s presidency, significant things are occurring in AI and cryptocurrency. These moves demonstrate a strong drive to integrate digital assets into the mainstream financial sector, which might spur the crypto market in the next few years. Trump issued executive orders to foster the development of both AI and crypto. The orders will facilitate innovation and modernize the regulations to maintain pace with new technologies. This brings the US closer to digital finance and emerging technology leadership. SEC Eliminated SAB121 The fundamental shift is that the SEC eliminated SAB121, a guideline that prevented banks from holding and dealing in crypto assets. Currently, banks have the ability to provide crypto custodial services, which simplifies the process for traditional financial firms to integrate with crypto. The move fosters trust and gives more individuals reason to invest in digital assets. Fed Chairman Jerome Powell is also in favor of the crypto industry. According to him, banks are well equipped to provide services to customers of cryptocurrency. This encouragement coupled with the repeal by the SEC is good for crypto in banks. It instills confidence among investors that their crypto assets will be dealt with securely by banks. Illinois is introducing House Bill 1844 to establish a Strategic Bitcoin Reserve. The bill mandates that Bitcoin must be kept in a state fund for a minimum of five years before it can be…
Filed under: News - @ January 31, 2025 4:28 am