Trump Declares End to 'War on Crypto'

The recent victory of pro-cryptocurrency leader Donald Trump in the U.S. presidential election has brought a significant shift in the political approach towards the crypto industry. During his election campaign, Trump promised to implement pro-crypto policies to support the industry. Now, speaking at the Future Investment Initiative Priority Summit in Miami, the U.S. president has stated that his administration has ended the 'o-called' war on the cryptocurrency industry through executive orders.

The new U.S. regime has taken several steps to develop a clear cryptocurrency regulation framework. It has established a special crypto task force under the U.S. Securities and Exchange Commission (SEC) to achieve this goal. There are also rumors that the U.S. government is preparing to create a cryptocurrency reserve. Trump has expressed his commitment to creating pro-crypto policies to develop the industry and has asserted that he is dedicated to making America the crypto capital.

The previous U.S. SEC leadership, under Gary Gensler, adopted a restrictive approach towards the crypto industry. It attacked the industry with complex cases and hefty fines, with the Biden administration's support. Several prominent crypto firms, including Binance and Coinbase, were dragged to courtrooms, and Binance was even forced to wind up its U.S. operations. Now, Trump claims that he has put an end to this restrictive framework with executive orders.

Industry leaders have welcomed the U.S.'s new approach. Binance CEO Richard Teng, while speaking at the Consensus Crypto Conference, admitted that the new U.S. administration has brought relief to the crypto sector and given it a fresh beginning. The new regime, under Trump, has appointed pro-crypto leaders to key White House positions, including Howard Lutnick as the U.S. Commerce Secretary. It appears that the new Trump regime is very keen to turn the U.S. into a true crypto capital.