Throughout his election campaign, new US President Donald Trump has been vocal about his pro-crypto stance and has made several promises regarding the development of the industry.

Trump’s Cryptocurrency Promises

Trump has said he will commute the prison sentence of Ross Ulbricht, the 39-year-old founder of the illicit online marketplace Silk Road. US authorities arrested Ulbricht in 2013 on charges of drug trafficking, money laundering, and computer hacking. He has received five sentences, including two life sentences, and is serving his 12th year in prison.

With Trump’s victory, the US president may commute Ulbricht’s sentence. He said that the promise to commute the sentence is part of his support for individual freedom in the crypto space.

The president-elect has also promised to fire Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), on his first day in office. This is due to Gensler’s anti-crypto stance and his attempts to regulate the industry through coercion. He has also vowed to end the Biden administration’s anti-crypto policies and usher in a new era for digital assets.

Additionally, Trump has said that he will eliminate taxes on Bitcoin because taxing cryptocurrency transactions, even using BTC to buy coffee, is unfair. Trump intends to replace cryptocurrency taxes with tariffs.

Additionally, Trump intends to make the United States the crypto capital of the world and create a BTC reserve for the country that contains 100% of the government’s digital assets. The Republican presidential candidate wants to combat government overreach by ensuring that there will never be a central bank digital currency (CBDC) during his administration.

According to Trump, cryptocurrency and Bitcoin can soar to new heights and lead to significant growth in the industry. He believes that BTC will skyrocket and possibly surpass the market cap of gold; therefore, he will support the right of American cryptocurrency holders to self-custody solutions.

Meanwhile, Trump was the first presidential candidate to accept Bitcoin donations for his campaign. The crypto industry's support for him has inspired the creation of many meme coins.

With only a few months left until his inauguration, we'll see which of these promises are fulfilled.

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