Bitcoin soars past $100,000 ahead of possible early action on crypto by Trump
2 months, 1 week ago

Bitcoin soars past $100,000 ahead of possible early action on crypto by Trump

Associated Press  

WASHINGTON — The price of bitcoin topped $100,000 again early Friday as a pumped up cryptocurrency industry expects early action by Donald Trump when he’s sworn in as president next week. Here’s a look at some detailed action Trump might take in the early days of his administration: CRYPTO COUNCIL As a candidate Trump promised that he would create a special advisory council tasked with providing guidance on creating “clear” and “straightforward” regulations surrounding crypto within the first 100 days of his presidency. Details about the council and its membership are still unclear, but after winning November’s election, Trump named tech executive and venture capitalist David Sacks to be the administration’s crypto “czar.” Trump also announced in late December that former North Carolina congressional candidate Bo Hines will be the executive director of the “Presidential Council of Advisers for Digital Assets.” At last year’s bitcoin conference, Trump told crypto supporters that new regulations “will be written by people who love your industry, not hate your industry.” Trump’s pick to lead the SEC, Paul Atkins, has been a strong advocate for cryptocurrencies. Gensler, who is set to depart as Trump takes office, said in a recent interview with Bloomberg that he’s proud of his office’s actions to police the crypto industry, which he said is “rife with bad actors.” STRATEGIC BITCOIN RESERVE Trump also promised that as president he’ll make sure the U.S. government stockpiles bitcoin, much like it already does with gold. Crypto advocates have posted a draft executive order online that would establish a “Strategic Bitcoin Reserve” as a “permanent national asset” that would be administered by the Treasury Department through its Exchange Stabilization Fund.

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