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Author: Admin | 2025-04-28
To no pushback. The crypto market reacted to Trump’s victory immediately, even before the final confirmation of the election results. On Monday, a day before the election, the BTC price was $68k. On Wednesday, the price peaked at $76k. The rally didn’t stop there. On November 19, BTC hit its all-time high at $94,002. Two weeks later, BTC surpassed the $100k mark. As the rally was caused by the victory of the pro-crypto candidate, experts quickly dubbed this rally “Trump trade.”As of November 2024, experts and media discuss several promises Trump made about cryptocurrencies. The sources close to him state the new administration plans to eliminate capital gains taxes on cryptocurrencies issued by the US companies. This could make the USA an attractive jurisdiction for any ambitious cryptocurrency project which in turn really contributes to turning America into a global crypto hub.At the Nashville cryptocurrency conference in July Trump suggested establishing a national cryptocurrency stockpile. Trump said that the government will never sell bitcoins. He promised that the state would store cryptocurrency funds amassed from seizures. “If crypto is going to define the future, I want it to be mined, minted and made in the USA,” said Trump. He confirmed his strategic Bitcoin reserve plans in December.Another notable promise Trump made during the Nashville conference is that he’s going to fire US Securities and Exchange Commission (SEC) Chairman Gary Gensler. Gensler is known for his strict treatment of cryptocurrencies. As of November 2024, the SEC has a number of ongoing lawsuits against the cryptocurrency companies. On November 21 Gary Gensler announced that he is going to leave his position in the SEC in January 2025.On top of this, Donald Trump and his sons endorse a new DeFi platform called World Liberty Financial (WLFI). The project is created in partnership with Chainlink. Regulatory issuesOn 18 March 2013, the Financial Crimes Enforcement Network (or FinCEN), a bureau of the United States Department of the Treasury, issued a report regarding centralized and decentralized “virtual currencies” and their legal status within “money services business” (MSB) and Bank Secrecy Act regulations. Since FinCEN issued this guidance, dozens of virtual currency exchangers and administrators have registered with FinCEN, and FinCEN is receiving an increasing number of suspicious activity reports (SARs) from these entities.Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: “In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.”In summary, FinCEN’s decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with money laundering regulations, and collect information about their customers as traditional financial institutions are required to do.Patrick Murck of the Bitcoin Foundation criticized FinCEN’s report as an “overreach” and claimed that FinCEN “cannot rely on this
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