By EZ in News — Nov 6, 2024

Donald J. Trump Elected as 47th President of the United States

Donald J. Trump has officially secured a victory, becoming the 47th President of the United States. He is set to begin his second term on January 20th, 2025.

Source: Bitcoin Magazine.

We are 100% community-funded. Support our work.

Many of President Donald Trump's promises during his Presidential Campaign have instilled hope within the Bitcoin community, indicating potential regulatory backing for the Bitcoin industry, entrepreneurship, and financial liberty in the United States.
Following the election results, Bitcoin's price surged nearly 8% to a record high of $75,345.

Some of the more notable Bitcoin-related promises made during the President's campaign include:

Support for Bitcoin miners in the United States. Trump has engaged with numerous Bitcoin mining leaders, hosting a meeting in June with executives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific. Following the meeting, he shared the following statement.

2. Bitcoin Strategic Reserve initiative. The president pledged to establish a national strategic Bitcoin reserve if he were elected to a second term. In August, Senator Cynthia Lummis introduced The BITCOIN Act to support this effort.

Pardon for Ross Ulbricht on Day 1 of his presidency. President Trump reaffirmed his intention to pardon Ulbricht, acknowledging that the time he has already served is sufficient to see justice fulfilled.

Donald Trump said “on Day One, I will commute the sentence of Ross Ulbricht”

FREE ROSS pic.twitter.com/97If4sOLMj
— Simply Bitcoin (@SimplyBitcoinTV) November 6, 2024

Opposition to Central Bank Digital Currencies (CBDCs). Trump has vowed to prevent the Federal Reserve from developing a Central Bank Digital Currency (CBDC), citing worries about potential privacy violations and the centralization of financial power.
Defend the right to self-custody. Trump has pledged to establish self-custody rights, codifying "not your keys, not your coins" into US law. This commitment is supported by Senator Ted Budd's Keep Your Coins Act, introduced on November 7, 2023.

🚨BREAKING🚨- Former President Donald Trump:

“I will ensure that the future of crypto and the future of #Bitcoin will be made in the USA…

I will SUPPORT the right to SELF CUSTODY.” pic.twitter.com/d0JuJSOvyf
— Swan (@Swan) May 26, 2024

Simplified US Tax Code. "While not explicitly part of his campaign, Trump’s emphasis on simplifying tax codes has led many Bitcoiners to speculate that his administration could enact policies to make digital asset taxation less burdensome," writes Bitcoin Magazine.
Replace SEC Chair Gary Gensler. For months, Trump has publicly pledged to remove U.S. Securities and Exchange Commission Chairman Gary Gensler. The president lacks the authority to fire the SEC chair, reports CNBC, but he will be able to name a new chair once Gensler's current term expires.
End operation Choke Point v2.0. Operation Choke Point 2.0 refers to a coordinated effort by the Biden Administration, the Federal Reserve, the OCC, the FDIC, and the DOJ to block Bitcoin companies from accessing traditional financial services.
Establish a bitcoin presidential advisory council to drive regulatory policy. "We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry," said Trump in Bitcoin Nashville 2024. The task of the council would be to "design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days."
Make the United States will be "the crypto capital of the planet.”