Trump plans to Block CBDC and support New Crypto Rules
- Trump plans to block a government-controlled digital currency because people in crypto think it could take away financial privacy.
- Trumps team may create a Crypto Council and change banking rules to let banks offer crypto services.
- Some want the U.S. to keep Bitcoin as a reserve, but its unclear if Trump will do it. Lawmakers are also working on new rules for stablecoins.
Trump Plans to Block Government Digital Dollar
President Donald Trump is expected to stop the creation of a U.S. Central Bank digital currency (CBDC), also called the digital dollar. Reports say he might soon sign an order to block it. This follows his promise during the campaign to prevent government-controlled digital money.
Many people in the crypto world support this move because they worry that a CBDC could give the government too much control and take away financial privacy. Instead, some leaders and lawmakers want clear rules for private stablecoins, which are digital currencies issued by banks or companies under proper legal guidelines.
New Crypto Rules and the White House Crypto Council
Trumps team might also set up a White House Crypto Council. This group would have around 20 top crypto experts, including business leaders and policymakers. Their job would be to help the government decide on crypto rules. Reports say that David Sacks has already been chosen as the White Houses crypto policy leader. The administration is also thinking about removing the SECs controversial rule called Staff Accounting Bulletin 121 (SAB 121), which has made it hard for banks to offer crypto services. There are also talks that U.S. banks may soon be allowed to provide crypto trading services, which would help digital assets become a bigger part of the financial system.
Some people in crypto think the U.S. government should keep Bitcoin as a reserve. Supporters like Michael Saylor and Coinbase believe this could help with the countrys $36 trillion debt. Senator Cynthia Lummis from Wyoming also supports a Bitcoin-friendly plan. Trump has said good things about Bitcoin before, but its not clear if he will actually do this.
Another decision people are watching is about Ross Ulbricht, the founder of Silk Road. During his campaign, Trump said he would look into Ulbrichts case and might reduce his sentence. Theres no official update on this yet. Meanwhile, discussions on private stablecoin rules are still going on. Lawmakers from both sides are working on new laws to make things clear.
The crypto industry is waiting for updates, especially from the first White House Crypto Council meeting this Thursday. The decisions made there could shape crypto rules in the U.S.
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Read more: https://thenewscrypto.com/trump-plans-to-block-cbdc-and-support-new-crypto-rules/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
