Forget Bitcoin Reserves: Crypto Industry Wants Clear US Regulations Now

Crypto Industry Wants Clear US Regulations: What the Industry Really Needs

Several cryptocurrency executives told Cointelegraph that the US regulatory clarification would be more beneficial to the industry than President Donald Trump’s proposal to establish a national Bitcoin reserve. Executives in the cryptocurrency sector were not impressed by Trump’s executive order on March 6 that established a strategic Bitcoin reserve in the United States and a distinct digital asset stockpile for altcoins. According to the executives, they are still awaiting comprehensive instructions from the White House on matters such as taxation and securities regulation.

Markets expect a roadmap for innovation and clear guidelines on stablecoins, institutional adoption and taxation. Instead, the vague rhetoric and lack of immediate action only deepened uncertainty.

Max Giammario, CEO of Kindred

Trump’s Bitcoin Reserve Plan Disappoints Traders, But CEOs Remain Hopeful

Trump pledged in July to make America the global hub for cryptocurrency and establish a US Bitcoin reserve comparable to the country’s gold reserves. Trump’s executive order on March 6 fulfilled his campaign pledge, but traders were let down.

The reserve and the stockpile will initially exclusively consist of digital assets that have been confiscated by law enforcement rather than directing the US government to purchase cryptocurrency. As traders react to the news against a backdrop of macroeconomic uncertainty, Bitcoin has dropped about 13% since March 6. Similar losses have been recorded by altcoins. Despite this, CEOs in the cryptocurrency sector are still hopeful, pointing to Trump’s pro-crypto statements and the nomination of business-friendly officials to important regulatory positions in the US.

The future of US crypto policy under Trump […] remains to be seen. However, given the people in all the crucial positions, we should expect to see a stream of ongoing and positive initiatives and news for crypto in general and especially crypto projects in the US.

Theodore Agranat, Gunzilla Games’ director of Web3

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