Trump’s Administration Is Working Tirelessly To Bring Regulation To Crypto Community Using Stablecoins

Trump has singlehandedly shaken the crypto and other trading communities. Trump, along with his cabinet’s decision to impose additional tariffs. America’s three prominent trade partners, Canada, China, and Mexico, have brought the world on the cusp of a trade war. 

This has shaken the crypto community to its foundations. As a result, BTC and other cryptos have suffered extensively, with major price fluctuations. This has led people to flock toward stablecoins.  

Trump administration has noticed this shift and has come forward with their plans to promote stablecoins. This decision stems from Trump’s decision to make the USA the “crypto capital of the planet.”  

Shifting Sands Of Crypto Community 

On Tuesday, Republican lawmakers shared a press release stating. The newly-elected Trump administration wants to bring regulations and make good on the president’s promise. As a result, it is gearing up to bring regulation to the crypto world. This could mean that the community might go through some rigorous changes. 

French Hill, House Financial Services Committee Chairman, gave a statement saying, “We have a bicameral project for both a stablecoins bill and a regulatory framework that will bring clarity to digital assets in the United States” 

Hill was joined by Tim Scott (Senate Banking Committee Chairman), John Boozman (Senate Agriculture Committee Chairman), and G.T. Thompson (House Agriculture Committee Chairman). 

Moreover, earlier this week, Tim Scott released another statement complementing this new decision. Scott, along with Senators Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), and Kirsten Gillibrand (D-N.Y.), stated their decision to move towards stablecoin. 

Tim Scott told reporters his goal was to be ‘as aggressive as possible’ on this matter. This shows the general urgency of this decision, which can change the face of crypto.  

Trump’s Promise 

Trump’s election campaign was heavily focused on crypto. He openly stated that he wants the US to be one of the biggest and most prominent names in the crypto world. As a part of this crypto-focused endeavour, Trump formed a presidential group headed by Sacks. 

The primary objective of the group was to coordinate and set clearer regulations for the crypto community and create a national stockpile of digital assets. David Sacks stated to Yahoo Finance, “We’re still in the very early stages of this, but that’s one of the first things we’re going to look at is the feasibility of a bitcoin reserve,” 

Endnote: Is Crypto Getting Regulated?  

There is a high chance that crypto might finally be regulated, which could be a massive change in the long run. It will change how the market or the community reacts and even operate. 

As a result, there might be a new dawn approaching for the crypto community. Hence, it is best to observe and see what Trump and his crypto-focused endeavours lead to and how they can change the very essence of the crypto community.