Author: Martin Young, CoinTelegraph; Translator: Wuzhu, Jinse Finance
Donald Trump's inauguration is just days away, and the president-elect has promised to overhaul cryptocurrency regulation, but the New York Digital Investment Group says it may be too early.
In a research report on January 10, NYDIG's global research head Greg Cipolaro said it is "cautiously optimistic that crypto policy changes will not happen immediately" even after Trump takes office on January 20.
While the inauguration has reignited hopes that the new administration will fulfill many campaign promises, Cipolaro said "some promises may be realized quickly, but others may take some time."
"Key officials still need to be appointed, and those already appointed need to go through confirmation processes, and once confirmed, they need to assemble their teams."
Other important crypto-related legislation, such as rules governing stablecoins and a bill to clarify the roles of securities and commodities regulators in overseeing cryptocurrencies, "may take some time to pass" as the revitalized conservative and free-market legislature "may be less willing to compromise on certain issues than when the liberals controlled the Senate."
"The execution of these initiatives may be a priority, while geopolitical conflicts, budget and debt ceiling, global trade and tariffs, and immigration issues may be more pressing," he said.
Trump's picks for the Treasury Department, the Securities and Exchange Commission, and the White House digital asset advisor seem positive for cryptocurrencies, but his choices for key positions at the Commodity Futures Trading Commission, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation remain unknown.
"Trump's picks are not all in yet, but based on what we know so far about the institutions involved with crypto and Bitcoin, we like what we see," Cipolaro said.
Events impacting Q4 2024. Source: NYDIG
One potential change could be the implementation of a strategic Bitcoin reserve, which Cipolaro said "could be done quickly through an executive order."
He added that Bitcoin advocacy groups have already drafted a draft of such an executive order, which has been circulating on social media. However, Cipolaro said the executive order "would not be permanent and could be revoked by the next president."
He said a potential U.S. strategic Bitcoin reserve could come from the $18.3 billion worth of seized cryptocurrencies.
"This would alleviate concerns about the U.S. becoming a Bitcoin seller," Cipolaro added. "But it would not create incremental demand."
