In a year where cryptocurrency surged to new heights, President-elect Donald Trump and his son Eric Trump emerged as key figures in shaping the future of digital assets.
From promising a pro-crypto administration to actively engaging in the crypto market through their ventures, the Trump family made headlines with their commitments to the industry.
JUST IN
DONALD TRUMP AIMS TO MAKE THE USA FINANCIAL SYSTEM OPERATED USING CRYPTO!! ALL THE TOP FINANCE POSITIONS ARE LEAD BY CRYPTOCURRENCY ADVOCATES OR BUSINESS LEADS!!#Crypto #BTC #bitcoin #xrp
— FinanceBro (@FinanceBroYT) November 29, 2024
Let’s recap the major promises and actions taken by Donald and Eric Trump in 2024 that have captivated both crypto enthusiasts and skeptics alike.
Trump: “The Most Pro-Crypto President in History”
Addressing the Bitcoin MENA 2024 conference in Abu Dhabi, Eric Trump said, “You’re going to have the most pro-crypto president in the history of America.”
Excessive regulation of Bitcoin and cryptocurrencies, which he said had stalled innovation in previous administrations, would not happen during the 2nd tenure of the Trump administration.
The announcement came the same day that Donald Trump publicly announced the appointment of Paul Atkins, a securities attorney and cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC).
Eric further said, “Think about a president who isn’t going to allow Bitcoin and cryptocurrencies to be overregulated and stifled.” This pro-crypto stance marks a dramatic shift from Trump’s earlier skepticism of Bitcoin, which he once labeled a scam.”
DISCOVER: 13 Best Cryptos ICOs to Invest in 2024
Bitcoin Strategic Reserve: A Landmark Proposal
Of all the promises Donald Trump made for 2024, none generated more attention than his commitment to create a Bitcoin strategic reserve, similar to the United States’ strategic oil reserve, which would establish Bitcoin as a critical asset in the nation’s financial strategy
Bitcoin prices surged to a record US$106,000 on this announcement. Market analysts attributed this surge to renewed optimism among investors, who viewed the move as a significant step toward mainstream adoption of Bitcoin as a legitimate asset class.
“This remarkable surge is largely attributed to recent comments from US President-elect Donald Trump, who confirmed plans to explore Bitcoin as a potential reserve asset for the United States,” said Shivam Thakral, CEO of BuyUcoin.
World Liberty Financial: The Trump Family’s Foray Into Crypto
September 2024 saw the launch of World Liberty Financial (WLFI) — a cryptocurrency lending and borrowing platform by Donald and Eric Trump.
The venture also rolled out WLFI tokens, which it marketed as being at the heart of the family’s efforts to revolutionize digital finance.
Despite a rocky start with only $2.7 million in token sales out of an expected $300 million, the platform gained traction following a $30 million token purchase by Justin Sun, the embattled founder of Tron.
“The attacks on the family, the attacks on our company, the nastiness of the system, the hell that they put us through,” Eric said, recalling the periods when his father was first in the White House and after Jan. 6, which led to many companies dropping the Trump Organization as a client.
“Had it not been for those attacks, I don’t think my eyes would have been as open to the crypto industry.”
EXPLORE: Coinbase To Cut Ties With Law Firms Linked To Former SEC Officials, Armstrong Promises
Appointments To Drive Crypto Policy
Donald Trump’s commitment to crypto is also reflected in key appointments to his administration. Alongside Paul Atkins at the SEC, Trump named venture capitalist David Sacks as the “White House AI and Crypto Czar.”
These appointments signal a policy direction focused on embracing and advancing blockchain and cryptocurrency technologies.
Eric Trump lauded these choices, stating, “These are people who understand the incredible potential of crypto and will work to ensure the US leads in this space.”
Digital Revolution in the Financial Sector
In his keynote address at the Bitcoin MENA conference, Eric Trump laid out his father’s vision for a “digital revolution.” He claimed that millions of people who have been “let down by the modern world” could find financial relief through cryptocurrencies.
This view aligns with the administration’s broader goal of overturning established banking structures and enabling people via decentralized finance.
However, because the Trump family’s business operations are closely linked to the policies they support, critics have expressed concerns over conflicts of interest.
Former Federal Election Commission general counsel Lawrence M. Noble observed, “This is taking it to a different level.”
“We have not seen anything like this before. We have moved so far away from the ethical norms of past presidents, where they divested themselves of financial interests.” Mr Noble, who now teaches law at American University, said.
The post All The Crypto Promises Made By Donald Trump And Eric Trump in 2024 – Lets Recap! appeared first on 99Bitcoins.