Donald Trump will take office on January 20, 2025, and before that, he will select new rules, including the Bitcoin Act

On Nov 7, 2024

Jake Chervinsky shared his findings and noted that decisions on Bitcoin-related rules and laws will be taken by the Trump administration between November 2024 and January 2025.

As we know, Donald Trump secured victory in the US presidential election, and now the majority of crypto enthusiasts are waiting for Bitcoin and crypto-friendly statements from Trump, as he promised to support the Bitcoin market.

Amid these speculations around Trump and Bitcoin-friendly rules and laws, crypto lawyer Jake Chervinsky shared his analysis based on available information in the public domain.

Jake stated that Donald Trump will officially assume office on January 20, 2025, and before that date, he will work on selecting rules and policies that he will introduce after establishing the Trump administration.

President Trump will take office on January 20.

Crypto policy will immediately and significantly shift when new leaders take over the federal agencies.

Between now and then, the outgoing administration may be busy finalizing rules and filing enforcement actions.

Stay frosty 🥶
— Jake Chervinsky (@jchervinsky) November 6, 2024

He also predicted that there is a chance the Trump administration may appoint Uyeda or Hester Peirce as the next SEC chairman, both of whom are crypto-friendly.

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Furthermore, he claimed that the Trump administration will likely take a stance against the Biden administration’s crypto regulatory approach, which involved regulation through enforcement actions. This means Trump may dismiss lawsuits filed by the United States Securities and Exchange Commission (SEC) against crypto companies.

The top crypto policy priority for Trump must be ending Biden's attempt to destroy the industry via regulation by enforcement.

This means dropping the SEC's unjustified enforcement actions and the DOJ's Tornado Cash prosecution.

This must be the litmus test for new leadership.
— Jake Chervinsky (@jchervinsky) November 6, 2024

Bitcoin Act & Bitcoin Buy Plan

A recent report by CoinShares noted that if Trump passes the Bitcoin Act, it could have a major impact on the crypto space. Under the Bitcoin Act, the US government may invest in Bitcoin, and there is a possibility that the government could buy up to 5% of the total Bitcoin supply.

CoinShares reports that if the Trump administration passes the Bitcoin Act, it could be a huge boon for the crypto industry. If passed, the proposal would treat Bitcoin as a strategic reserve asset, similar to gold, and allow the U.S. government to purchase up to 5% of the total…
— Wu Blockchain (@WuBlockchain) November 7, 2024