The US federal government is set to enact comprehensive legislation on cryptocurrencies for the first time, marking a significant shift in its approach towards private digital currencies. Three bills are up for vote, addressing stablecoins, regulatory jurisdiction over crypto assets, and a ban on central bank digital currencies.
President Trump’s campaign promise of supporting cryptocurrency has come true, as he has taken steps to promote financial freedom and limit government control. The President has appointed David Sacks, a friend of Peter Thiel and Elon Musk, as the White House AI & Crypto Czar.
The proposed legislation aims to provide clear rules for the crypto market, including self-custody digital assets and securities regulation. Unlike previous administrations, Trump’s approach focuses on protecting individual freedom rather than regulating crypto. This stance reflects the original libertarian ethos of bitcoin, which Satoshi Nakamoto launched in 2009.
Critics argue that lax regulations will lead to increased crime, but proponents see it as a necessary step towards financial freedom and combating censorship. The issue has become a partisan divide, with President Biden’s administration supporting a digital dollar run by the US Postal Service, while Trump’s administration opposes central bank digital currencies.
The outcome of this legislation could mark a significant turning point in the country’s approach to cryptocurrency, with far-reaching implications for individual freedoms, financial markets, and government power.
Source: https://www.thefp.com/p/bitcoin-hits-120k-the-real-story-crypto-policy-trump