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The cryptocurrency industry will benefit more from US regulatory clarity than from President Donald Trump’s plan to create a national Bitcoin (BTC) reserve, several cryptocurrency executives told Cointelegraph.
Trump’s March 6 executive order creating a US strategic Bitcoin reserve and a separate digital asset stockpile for altcoins left crypto industry executives underwhelmed.
Meanwhile, they are still waiting for the White House to provide detailed guidance on issues like securities regulation and taxation, the executives said.
“Markets expect a roadmap for innovation and clear guidelines on stablecoins, institutional adoption and taxation,” Max Giammario, CEO of Web3 artificial intelligence startup Kindred, told Cointelegraph.
“Instead, the vague rhetoric and lack of immediate action only deepened uncertainty.”
Related: Bitcoin reserve backlash signals unrealistic industry expectations
Campaign promises
In July, Trump promised to turn America into the “world’s crypto capital” and create a US Bitcoin reserve akin to the nation’s gold stockpile.
Trump’s March 6 executive order delivered on his campaign promise but left traders disappointed.
Instead of instructing the US government to buy crypto, the reserve and the stockpile will initially only comprise digital assets seized by law enforcement.
Bitcoin is down approximately 13% from March 6 as traders react to the news amid a backdrop of macroeconomic uncertainty.
Altcoins have clocked similar losses, with the total crypto market capitalization shedding more than $400 million.
Those losses could worsen without clearer US policy guidance soon, industry executives said.
“If Trump’s administration provides clearer regulations on stablecoins, ETFs and institutional adoption, altcoins could regain momentum,” Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph.
“Otherwise, Bitcoin dominance may continue, as it remains the primary macro asset.”
Reasons for optimism
Even so, crypto industry executives remain optimistic, citing Trump’s pro-crypto rhetoric and his appointment of industry-friendly leaders to key US regulatory posts.
“The future of US crypto policy under Trump […] remains to be seen,” Theodore Agranat, Gunzilla Games’ director of Web3, told Cointelegraph.
“However, given the people in all the crucial positions, we should expect to see a stream of ongoing and positive initiatives and news for crypto in general and especially crypto projects in the US.”
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