Donald Trump’s new code bible is everything the industry has ever wanted
White House I have it I laid out that plan To guide you through the “new golden age of America,” cryptocurrency is at its heart.
in 160 pages of report An White House representative issued Wednesday outlined a set of recommendations to federal officials to set up the legal framework and construction of regulatory rules for companies dealing with US crypto assets.
Recommendations are effectively gifted to the crypto industry when implemented by lawmakers and regulators. I spent hundreds of millions of dollars It will impact the 2024 Congressional Race – everything it wanted during the Biden administration.
Among other items, the White House recommends that legislation be enacted to resolve. Long-term discussion Through the classification of crypto assets, Decentralized finance; Financial watchdogs will use safe ports and regulatory sandboxes in the meantime to “ensure innovative financial products reach consumers without bureaucratic delays.” Regulators say that banks trade with crypto assets; Further alleged discrimination For the crypto business.
“Digital assets and blockchain technology can revolutionize not only the American financial system, but the economic system of ownership and governance,” the report argues. “American entrepreneurs who have used these technologies to develop new industries deserve both the policies that influence their efforts and the praise for the progress they have made.”
Report – “Regulation Bible“By the leader of Digital Chamber, a crypto trade agency – edited by the Working Group Founded by Trump Shortly after he returned to the White House in January. Its members include WhitehauScript and Ai czar David Sacks. Invested in multiple crypto startupsand Commerce Secretary Howard Lutnick leads Cantor Fitzgerald, a financial institution that serves Tether, the world’s largest stubcoin provider.
Many of the working group recommendations have already been implemented. Mid-July, Clear actionspart of the law that established a taxonomy of crypto assets and divides regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission has passed the House. The same week, Donald Trump was another, Stablecoin-centric legislation to the law.
“A few years ago, Crypto guys weren’t good at playing lobbying games,” says Crypto Firm Ava Labs’ COO and CFTC’s former COO. But in Donald Trump, “The crypto industry saw its allies. The slow shift to crypto was when he got there, the door was open.”
The Working Group Report directly reflects the prominent claims in the crypto world that the Biden administration has sought to crush the industry through its campaign.Enforcement regulations. “We borrow the term ” Operation Chalk Points 2.0– The industry is created to explain the alleged discrimination that it is said to have suffered.
“The Biden administration’s approach to code was characterized by regulatory overreach that countered the American tradition of embracing new technologies,” the report argues. “President Trump’s election marked the end of this misstep. It was the hard fork of America. It was the end of one chain of poor policy decisions in favor of an updated, better approach.”