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Op-ed from Harmesh Johal, MBA, Chief Strategy Officer at LUNA Media Corporation

While Donald Trump’s pro-crypto rhetoric has captured headlines, many of his proposed initiatives will require legislative approval. With strong Republican backing and increasing bipartisan support, crypto-friendly legislation could gain considerable momentum. Before Trump assumes office as the next President of the United States, let’s explore some of his key crypto-related promises:

Replacing SEC Chair Gary Gensler (Partially Achieved)

Trump had pledged to replace SEC Chair Gary Gensler to foster a more crypto-friendly regulatory environment. Following his election victory, Gensler announced he would step down, paving the way for change.

Trump has nominated Paul Atkins, a pro-crypto lawyer and former SEC commissioner to take over the role. Atkins is known for advocating reduced regulatory burdens, supporting financial innovation and also been an advisor to Securitize, a firm specializing in digital asset securities, showcasing his active engagement in the crypto industry.

His appointment signals a potential shift in the SEC’s approach, from stringent enforcement to fostering growth through clearer and more supportive guidelines. This aligns with the administration’s vision of positioning the U.S. as a leader in the crypto space.

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Supporting the Bitcoin Act 2024

Trump has also expressed support for the Bitcoin Act 2024, which proposes creating a national Bitcoin reserve. At the Bitcoin 2024 conference in Nashville, Senator Cynthia Lummis introduced the "Bitcoin Reserve Bill," calling for the U.S. government to acquire 1 million bitcoins (roughly 5% of the total supply) and use them to reduce national debt.

This initiative aligns with Trump’s vision of building a “strategic national bitcoin stockpile.” Lummis has even suggested reallocating some Federal Reserve gold reserves to Bitcoin, cementing its role in the global economy.

While the bill has not yet reached the Senate floor, growing support from co-sponsors indicates momentum for this proposal.

Trump has also vowed that his administration would “never sell” U.S.-owned bitcoin, including assets seized from criminal activities. This approach could strengthen the nation’s position in the global cryptocurrency market.

Boosting Bitcoin Mining in the U.S.

Donald Trump has committed to positioning the United States as a global leader in Bitcoin mining, emphasizing the importance of ensuring that Bitcoin is “mined, minted, and made in the USA.”

This initiative seeks to capitalize on the economic, strategic, and technological benefits of dominating the crypto-mining industry.

The plan includes offering tax incentives and subsidies for mining companies, particularly those utilizing renewable energy.

Trump aims to encourage partnerships between miners and energy providers to harness surplus or stranded energy, aligning Bitcoin mining with sustainable practices. Investments in infrastructure, such as upgrading power grids, are also central to the strategy, creating jobs and driving development in energy-rich regions.

Trump’s vision sees Bitcoin mining as a catalyst for innovation, energy development, and economic growth. By fostering a supportive environment, the U.S. can establish itself as a powerhouse in the cryptocurrency space, leading both in mining and broader blockchain advancements.

Repealing SAB 121

SAB 121, an accounting guideline, has posed significant compliance challenges for financial institutions. It discourages banks from offering crypto-related services like custody and staking.

Repealing this rule would remove a major barrier, enabling banks to expand into crypto services, attract crypto-native clients, and accelerate mainstream adoption.

This shift could mirror the transformative role of institutional participation in ETF markets, reshaping the crypto landscape by integrating it further into traditional finance.

Creating a Crypto Advisory Council

As part of his pro-crypto agenda, Donald Trump plans to establish a Crypto Advisory Council within his first 100 days in office.

This council is intended to serve as a dedicated body for shaping transparent and supportive regulations for the cryptocurrency industry, ensuring that the U.S. becomes a leader in the global digital asset economy.

The council will include a diverse range of stakeholders, including policymakers, financial regulators, technology experts, and industry leaders.

By involving experts from across the crypto ecosystem, the council aims to strike a balance between fostering innovation and ensuring investor protection.

Its primary goal will be to create clear regulatory frameworks that eliminate uncertainty, enabling businesses to innovate without fear of sudden crackdowns or unclear compliance requirements.

In addition to addressing regulatory challenges, the council will explore strategies to integrate cryptocurrency into the broader financial system, encourage institutional adoption, and promote blockchain innovation. It will also examine best practices for mitigating risks such as fraud, market manipulation, and cybersecurity threats.

By establishing this council, Trump’s administration seeks to position the U.S. as a global hub for crypto innovation. The initiative demonstrates a commitment to bridging the gap between government oversight and the fast-evolving world of digital assets.

Additional Pro-Crypto Initiatives

Trump’s broader crypto agenda includes:

Ending Banking Restrictions: He aims to dismantle banking limitations linked to “Operation Choke Point 2.0,” which has reportedly led to the debanking of over 70 crypto firms.

Opposing a Central Bank Digital Currency (CBDC): Trump has strongly opposed the introduction of a CBDC. He supports Republican-led measures like the CBDC Anti-Surveillance Act, which seeks to block the Federal Reserve from launching a CBDC without congressional approval.

Commuting Ross Ulbricht’s Sentence: As part of his pro-crypto agenda, Trump has pledged to commute the sentence of Ross Ulbricht, the founder of Silk Road. Ulbricht has been imprisoned since 2015 and was convicted on seven federal counts, including narcotics conspiracy and money laundering, for his role in founding the Silk Road marketplace.

Trump’s crypto promises signal a dramatic policy shift. If implemented, they could reshape the regulatory environment, accelerate adoption, and position the U.S. as a global cryptocurrency leader.

However, the ultimate success of these initiatives will depend on legislative support and execution.

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