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On July 27, 2024, Donald Trump stepped in front of a crowd in Nashville and told them exactly what they wanted to hear. At the Bitcoin 2024 conference, he promised that if elected, he would make the United States the “crypto capital of the planet” and immediately fire Gary Gensler.
That appearance, along with other pro-crypto movements, rallied a larger voting bloc than some gave it credit for. The Kamala Harris campaign attempts to respond to them later, with watered down messages and little success. Trump was, without a shadow of a doubt, a “cipher candidate.”
So there was understandable trepidation when he failed to mention blockchain or crypto even once in his inaugural speech on Monday. I was also looking forward to hearing more details about his plans for blockchain technology. But what I keep coming back to is what I said to the crowd in Nashville last year.
“There are regulations, but from now on the rules will be written by people who love the industry, not hate it.”
Regardless of what he said (or didn't say) during the inauguration, that promise has already proven true. His appointments, designations, and actions all suggest that common sense regulation is on the way. His “golden age” for America could include blockchain technology.
people who love our industry
Not everyone involved in Crypto will have the opportunity to negotiate with policymakers. I've been fortunate to be in the room for some of these conversations over the years.
It was essentially a stone wall at every turn, and even innovative solutions were painted with the same brush as fraud. Industry leaders are so frustrated that they have had their surgeries done elsewhere or at least stopped raising their hands to ask questions. Despite some party members pushing internally for change, it didn't happen.
So the industry waited. It was only after he promised to stay out of the way that support for Trump steadily increased among the crypto community. When he won re-election, they cheered (quietly, in some cases) because it meant they could chase their ambitions again. They were able to build what they dreamed of.
In the months that followed, the next administration strengthened its faith and support. Just weeks after the election, Trump nominated Howard Lutnick, a big supporter of stubcoins and a big supporter of brokerage firm Cantor Fitzgerald, as Secretary of Commerce.
Paul Atkins, crypto advocate and CEO of Patmac Partners, was selected to replace Gensler at the SEC. In early December, it was David Sachs' turn to join the White House as Trump's “Eye and Crypto Emperor.” The former PayPal executive has been publicly promoting a “new world currency” for decades and is a true believer in Web3 technology.
These are people who love our industry. They're the ones who don't stand in the way of innovation or create rules that box us in.
It's not all gold
That innovation, as well as investment, will determine whether Trump's American Golden Age materializes.
The solutions we currently have are limited and require improvements to see widespread enterprise adoption. Take Stablecoins, for example. In theory, they are the perfect answer to cross-border transactions, treasury management, and trade finance, but institutions are still reluctant to integrate them.
Part of the issue is their inherent anonymity and what that means for regulatory bodies. The chain they exist on is dedicated to opposing centralized banks, and the contracts you build on top of are only band-aids.
A protocol-level identification layer, like the one found with Concordium, is needed to provide the accountability and compliance necessary to meet regulatory requirements and user trust.
By doing so, a USD-backed stubcoin built on a transparent and trusted chain will further strengthen the dominance of the USD and remove the need for a CBDC. Trump's nominee for Treasury Secretary, Scott Bessent, said as much during his recent Senate confirmation hearing. Bessent explained that CBDC, in his opinion, is reserved for developing countries and dismissed the concept of introducing a US concept.
2025 approach
Like many of his colleagues in the Trump administration, Bessent is focused on innovative policies for innovative technology. When asked about crypto's dark history, he simply explained that the US needs a “2025 approach.”
Crypto industry listen up, listen up. We have been stuck in the policy loop of the 20th century for too long. One way or another, change is coming, and the United States appears poised to take the lead. If they stay out of their own way, Trump's “golden age” extends to crypto, blockchain, and the Web3 revolution.
