Crypto industry lobbies Trump for U.S. Bitcoin reserve after inauguration
Crypto industry lobbies Trump
As Donald Trump prepares to take office on January 20, the cryptocurrency industry is lobbying the incoming administration to establish a federally-backed US Bitcoin reserve.
Industry leaders are calling for decisive action within Trump’s first 100 days to solidify America’s position in the global digital asset economy, according to Coingape.
The push for a Bitcoin reserve aligns with Trump’s campaign pledge to support cryptocurrency innovation. Advocacy groups like the Bitcoin Policy Institute have submitted detailed proposals for creating a federal Bitcoin stockpile, including allocating $21 billion over the next year to purchase and hold Bitcoin as a strategic reserve asset.
Proponents argue this move would preempt geopolitical rivals already exploring similar reserves, including Bhutan, Hong Kong, and Germany.
A Pro-Crypto Shift Under Trump?
Beyond the Bitcoin reserve, crypto advocates are urging the administration to remove regulatory barriers that have hindered the industry under the current Biden administration.
Specifically, they hope Trump will deliver on his promise to end “Operation Choke Point,” a policy that has restricted banking access for crypto firms. Such measures could signal a dramatic policy shift, fostering a friendlier regulatory environment for digital assets.
However, experts caution that establishing a Bitcoin reserve might face legal and procedural hurdles. While executive orders could initiate the process, Congressional approval may ultimately be required for significant funding or structural changes.
Despite these challenges, industry leaders remain optimistic. “The United States must lead in Bitcoin adoption to ensure its global dominance in the crypto era,” said Zack Shapiro, head of the Bitcoin Policy Institute.
As markets reel from reports of the Biden administration selling billions in Bitcoin reserves, the crypto industry is betting on Trump to usher in a new era of innovation and strategic investment.
Rostin Behnam, Chair of the U.S. Commodity Futures Trading Commission (CFTC), will step down on January 20, 2025. His departure coincides with Donald Trump’s presidential inauguration on the same day.
