Seeds of Wisdom RV and Economic Updates Thursday Evening 1-16-25
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DONALD TRUMP TO DESIGNATE CRYPTOCURRENCY AS A NATIONAL PRIORITY
President-elect Donald Trump plans to make cryptocurrency a “National Priority” policy upon his inauguration, according to a Bloomberg report. The incoming administration also plans on creating a crypto advisory council, giving industry insiders a voice within his administration.
The incoming president has been a strong supporter of the crypto industry since his campaign, and experts in the industry expect that to continue upon his inauguration.
Many experts expect Trump to issue executive orders on the first day of his presidency that may address issues relating to cryptocurrency.
Among these issues include de-banking and the repeal of a controversial crypto accounting policy requiring banks holding digital assets to count them as liabilities on the bank’s own balance sheet.
Donald Trump Further Prioritizes Cryptocurrency Sector
Trump’s plan to make the crypto sector a “national priority” is the most explicit sign yet that he sees the industry as crucial to the US economy. Still under discussion for inclusion in the executive order is a directive for all government agencies to review policies about digital assets and possibly pause any litigation involving crypto, according to Bloomberg sources.
Another big part of the order may be the establishment of a Bitcoin reserve. Donald Trump is supportive of establishing this reserve with seized Bitcoin to give the country an alternative way to pay off debt. The Bitcoin Policy Institute has already drafted an order to make Bitcoin a strategic reserve asset. It would require $21 billion in investment over one year.
The US government currently holds nearly $20 billion worth of Bitcoin, confiscated as part of various investigations, according to analytics company Arkham. Bitcoin has rallied 44%, to nearly $100,000, since the November election in part on hopes that such a stockpile would be created.
“President Trump will deliver on his promise to encourage American leadership in crypto,” stated Trump transition team spokesperson Brian Hughes. Furthermore, besides Bitcoin, the President-elect is reportedly open to creating an America-first strategic reserve for cryptocurrencies like Solana (SOL) and XRP, according to a report from the New York Post.
The news will likely spur cryptocurrencies like BTC, SOL, XRP, and altcoins to surge further in the coming days. Already, Bitcoin is creeping back up to $100,000, while Solana is etching closer to a new all-time high in the next month.
@ Newshounds News™
Source: Watcher Guru
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TRUMP’S POTENTIAL TREASURY SECRETARY PICK ‘SEES NO REASON’ FOR US CBDC
The president-elect cannot officially nominate anyone until after he is inaugurated on Jan. 20, but the US Senate has been holding hearings to question his potential picks.
Scott Bessent, US President-elect Donald Trump’s anticipated pick for the country’s Treasury secretary, faced Senators in a hearing to explain his positions on financial issues.
In a Jan. 16 hearing of the US Senate Committee on Finance, Bessent responded to questions from Republican Senator Marsha Blackburn regarding a US central bank digital currency (CBDC).
The Tennessee lawmaker brought up Chinese officials introducing a digital yuan to foreign attendees at the 2022 Olympics and asked how Bessent could handle a potential digital dollar if officially nominated and confirmed in the Senate.
“I see no reason for the US to have a central bank digital currency,” said Bessent. “In my mind, a central bank digital currency is for countries who have no other investment alternatives. [...] Many of these countries are doing it out of necessity, whereas the US — if you hold US dollars, you can hold a variety of very secure US assets.”
The hearing noted that Bessent’s questioning was based on his “anticipated” nomination by Trump to be the next Treasury secretary, as the president-elect is not scheduled to be inaugurated until Jan. 20.
A former partner at the hedge firm Soros Fund Management and a donor to Trump’s campaign, Bessent reportedly made several statements suggesting he supported the US government’s efforts to promote crypto.
Changing administrations, changing positions on CBDCs?
In 2022, US President Joe Biden issued an executive order directing the Treasury Department to research the development of a potential CBDC. Though the initiative could help with financial inclusion for Americans, many Republican lawmakers have criticized a digital dollar as potentially compromising financial privacy and national security.
As a presidential candidate, Trump promised the crypto industry there would “never be a CBDC” while he was in office.
In May, the Republican-controlled House of Representatives passed the CBDC Anti-Surveillance State Act largely along party lines. The legislation would prohibit Federal Reserve banks from issuing CBDCs directly or indirectly.
The Senate Banking Committee received the bill from the House in June 2024. It’s unclear if or when the Senate will revisit the legislation following Republicans taking control of the chamber in January.
@ Newshounds News™
Source: CoinTelegraph
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