Emily Walker
In a recent interview with CNBC, Eric Trump, the executive vice president of the Trump Organization and the son of president-elect Donald Trump, shared his ambition for the U.S. to emerge as the top global center for cryptocurrency.
Eric Trump argued that adopting “sensible” regulatory measures could facilitate this shift, especially following the recent positive developments in the crypto sphere. His remarks follow Bitcoin’s remarkable achievement of surpassing $100,000, a notable new peak of $104,000.
This dramatic increase, representing a 137% rise this year, has instilled hope among investors, who anticipate that the new administration will reinforce the position of cryptocurrencies within the financial system.
Eric Trump Envisions Crypto as the Future of Finance
He declared, “The modern banking system is outdated,” asserting that it is inevitable for cryptocurrencies to eclipse conventional financial systems.
He continued, expressing enthusiasm on numerous fronts and highlighting the family’s dedication to digital currencies and decentralized finance (DeFi), which seeks to reinvent traditional financial services through blockchain technology.
President-elect Donald Trump is also aiming to transform cryptocurrency regulations by appointing Paul Atkins as the new chair of the U.S. Securities and Exchange Commission (SEC).
This appointment is significant, aligning with a key campaign promise to replace Gary Gensler, who faced criticism for his tough regulatory stance that many in the crypto world consider detrimental.
In response to questions about possible regulatory changes, Eric Trump stressed the importance of transparency and clear guidelines in the regulatory approach. “The crypto industry is frustrated that a sensible regulatory plan hasn’t been established,” he noted.
“They welcome regulation but seek proper guidelines.” He expressed dedication to developing a clear regulatory roadmap for cryptocurrencies that could serve as a benchmark for other countries. “We hope to set a precedent,” he remarked, highlighting the need for the U.S. to lead in forming a new crypto framework.
Trump Administration’s Future Plans
In a strong statement regarding the administration’s vision, Eric Trump referred to Elon Musk as a “modern-day Albert Einstein,” hinting at the influential role Musk will have in shaping White House policies.
Musk, along with Vivek Ramaswamy, has been designated as a co-leader of a new initiative aimed at enhancing government efficiency, minimizing regulations, and nurturing an innovative business environment.
“We aim for efficiency,” Eric Trump emphasized, promoting a thriving society where the government aids rather than obstructs businesses. He criticized the previous administration’s measures for stifling the nation’s “entrepreneurial spirit.”
Image courtesy of DALL-E, with chart data from TradingView.com