President Trump issued an executive order to support the cryptocurrency industry, creating a working group to develop regulations and legislative proposals. The order aims to foster responsible growth and innovation in the industry, which Trump acknowledges plays a vital role in the US economy.
The move comes as Trump, who has personal investments in the cryptocurrency industry, seeks to bolster his ventures in the sector. His involvement in crypto companies like World Liberty Financial and the creation of memecoins have raised ethics concerns over potential conflicts of interest.
Despite promising fair access to banking services for crypto companies, the order fell short of some industry expectations. While Trump vowed to support the industry and prevent the creation of central bank digital currencies, critics view the order as mostly symbolic.
Since his election, Trump has become a vocal supporter of digital currencies, promising to make the US the “crypto capital of the planet.” He has made key personnel selections and regulatory changes to advance the industry’s interests.
One notable move by Trump was the launch of a memecoin called $Trump, which briefly boosted his net worth but faced backlash from crypto traders due to price fluctuations. Despite controversies, the industry remains hopeful that the Trump administration will support legislation beneficial to the crypto market.
As the industry anticipates further developments under the new administration, the price of Bitcoin surged to a record high shortly before Trump’s inauguration, signaling optimism among crypto supporters about his presidency.