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In a recent interview with CNBC, Eric Trump, executive vice president of the Trump Organization and son of president-elect Donald Trump, articulated a vision for the United States to become the leading global hub for crypto.
Eric Trump emphasized that a set of “sensible” regulatory guidelines could pave the way for this transformation, particularly in light of recent bullish trends in the crypto market. His comments come on the heels of Bitcoin reaching a historic milestone, surpassing $100,000 for the first time, and a new all-time high of $104,000.
This significant price surge, up a staggering 137% year-to-date, has fueled optimism among investors who believe the incoming administration will solidify the crypto industry’s role in the financial landscape.
Eric Trump Predicts Crypto Will Surpass Traditional Finance
“The modern banking system is antiquated,” Eric Trump stated, asserting that it is only a matter of time before cryptocurrencies surpass traditional financial systems.
“We’re incredibly excited on a lot of fronts,” he added, reinforcing the family’s commitment to embracing digital assets and decentralized finance (DeFi), a burgeoning sector aimed at recreating traditional financial instruments using blockchain technology.
President-elect Donald Trump has also signaled his intentions to reshape the regulatory environment for cryptocurrencies by nominating Paul Atkins as chair of the US Securities and Exchange Commission (SEC).
This move is particularly noteworthy as it addresses a core campaign promise to replace Gary Gensler, who has been criticized for a stringent regulatory approach that many in the crypto community deem counterproductive.
When queried about potential regulatory or deregulatory measures, Eric Trump emphasized the need for transparency and clarity in the regulatory framework. “The people in the crypto industry are frustrated that no one’s ever put together a sensible plan as to how to regulate an industry,” he explained.
“They’re fine with regulation, but they just want guidelines.” He expressed a commitment to creating a clear roadmap for cryptocurrency regulation that could serve as a model for other nations. “Hopefully, we can lead by example,” he said, underscoring the importance of the US taking the lead in establishing a new crypto framework.
Trump Administration’s Vision
In a bold assertion of the administration’s direction, Eric Trump described Elon Musk as a “modern-day Albert Einstein,” suggesting that the billionaire entrepreneur would play a pivotal role in shaping the White House’s policy agenda.
Alongside Vivek Ramaswamy, Musk has been appointed as a co-leader of a new efficiency drive aimed at streamlining government operations, reducing regulations, and fostering an environment conducive to business innovation.
“We want to see efficiency,” Eric Trump stated, advocating for a productive society where government plays a supportive rather than obstructive role in business. He criticized the previous administration’s approach, asserting that it hindered America’s “entrepreneurial spirit.”
Featured image from DALL-E, chart from TradingView.com
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