The cryptocurrency industry will benefit more in the clarity of US regulation than President Donald Trump’s plan to create a national bitcoin (Btc) Reserve, many cryptocurrency executives told cointelegraph.
Trump’s March 6 Executive Order that creates a US strategic bitcoin reserve and a separate digital asset stockpile for altcoins left the crypto industry executives.
Meanwhile, they are still waiting for the White House to provide detailed guidance on issues such as regulation and taxation of security, executives said.
“Markets expect a roadmap for change and clear guidelines on Stablecoins, Institutional Adoption and Taxation,” Max Giammario, CEO of Web3 Artificial Startup of Intelligence Kindred, told Cointelegraph.
“Instead, unclear rhetoric and lack of immediate action only deepened the uncertainty.”
Trump signed a Crypto Executive Order on March 6. Source: Margo Martin
Promises in the campaign
In July, Trump promised to make America the “Crypto Capital of the World” and created a US bitcoin reserve similar to the country’s goldpile.
The order of March 6 of March 6 was delivered to his campaign commitment but left entrepreneurs failed.
Instead of teaching the US government to buy crypto, the reserve and the stockpile were only made up of digital assets seized by law enforcement.
Bitcoin is down by approximately 13% From March 6 as entrepreneurs have responded to the news in the middle of a backdrop of macroeconomic uncertainty.
Altcoins have clocked similar losses, with a total capitalization of the crypto market pouring over $ 400 million.
Those losses could worsen without a clearer US policy guide soon, industry executives said.
“If Trump’s administration provides clearer regulations to Stablecoins, ETFs and institutional adoption, Altcoins can recover momentum,” Alvin Kan, chief operating officer of the Bitget Wallet, told the cointelegraph.
“If not, Bitcoin’s dominance may continue, as it remains a major macro owner.”
Reasons for optimism
However, crypto industry executives remain optimistic, citing Trump’s pro-crypto rhetoric and his appointment with industry leaders in the industry in major posts in US regulation.
“The future of the US Crypto policy under Trump (…) remains to be seen,” said Theodore Agranat, director of the Web3 Games’, said Cointelegraph.
“However, because of people in all important positions, we should expect to see a stream of ongoing and positive initiatives and news for crypto in general and especially the US crypto projects in the US.”
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