With the recent election of Donald Trump as President of the United States, the Bitcoin (BTC) community is seeing that it has a unique opportunity to present the main demands that it considers crucial to the future of the industry and the country’s economic policy.
These requests, founded on the belief that Trump can lead the nation into a new era of prosperity, cover a variety of topics. These range from specific regulation for the cryptocurrency sector until the departure of the president of the Securities and Exchange Commission (SEC), Gary Gensler, considered an enemy of the development of the industry.
Brad Garlinghouse, CEO of Ripple, has been one of the most vocal in requesting that Trump appoint a new president for the SEC, since his first day in office on January 20.
Gensler has been criticized for his regulatory approach to cryptocurrencies, and Garlinghouse believes that new leadership could restore confidence in the SEC and establish a solid legal framework for the industry.
In that sense, Garlinghouse highlights his priorities for the first 100 days of the Trump administration, calling for a decisive reshaping of the regulatory agency and clarity in cryptocurrency regulations.
“Fire Gensler from day one, without delay,” wrote on the social network the leader of Ripple Labs, the company that has been in a legal battle with the SEC for more than 3 years. It has been one of the most emblematic cases among the litigation that the US agency has held with cryptocurrency companies in the last four years.
Furthermore, the CEO of Ripple made a call for Trump to convince Senate lawmakers for them to approve a bill which, according to him, will provide regulatory clarity to the digital assets sector.
Likewise, the regulations that were introduced in the Senate in 2023 would prevent cryptoassets such as ether (ETH, the cryptocurrency of the Ethereum network) and XRP from being classified as securities, as added by Garlinhouse.
In any case, just as Garlinhouse calls for Gensler’s departure, there are also thousands of users expressing the same thing on social networks. «Mr. President, now we are firm and waiting for you to fulfill what you have promised. Gary Gensler must go. “We need clarity for the cryptocurrency ecosystem,” noted the X user Gonzalo Majluf.
Overflow of petitions to Donald Trump
Donald Trump’s victory is seen by some members of the Bitcoin community as the real possibility of a radical change in the way the United States approaches financial technology.
To achieve this, industry players, such as Coin Metrics investor and co-founder Nic Carter, believe that Trump must include a list of requests in favor of cryptocurrencies on his agenda.
In that sense, Carter assures that citizens are requesting that Trump order a thorough investigation into the actions of the Department of Justice, the Federal Reserve and the FDIC (Federal Deposit Insurance Corporation), the government agency that protects bank deposits in the event that a bank fails.
«How could the Department of Justice, the Federal Reserve and the FDIC use banks as weapons against disadvantaged causes, including cryptocurrency? Who was responsible? Prosecution against whoever is necessary.
Nic Carter, co-founder of Coin Metrics.
Also, Carter calls for the regulation of stablecoins, clear legislation on the structure of the cryptocurrency marketa deep review of the SEC and facilities for the legal issuance of tokens. With the approval of these initiatives, the United States is expected to regain its position as the undisputed capital of the world of cryptocurrencies, as Carter points out.
«Like I said: stop suing cryptocurrencies. Start talking to them. Start rulemaking now. “There is no reason to wait.”
Paul Grewal, Chief Legal Officer at Coinbase.
From Costa Rica’s Bitcoin citadel, Bitcoin Jungle, They ask for freedom for Ross Ulbrich, an American who was arrested in 2013 and sentenced to double life in prison. This after creating Silk Road, a dark web market in which it was allowed to buy anything in exchange for BTC.
The 10 requests that the Bitcoin community makes to Donald Trump
- Fire SEC Chairman Gary Gensler on day one of the Trump administration.
- Appoint a new chair to the SEC who can restore confidence in the agency and establish a strong legal framework for the cryptocurrency industry.
- Convince Senate lawmakers to pass a bill that provides regulatory clarity to the digital assets sector.
- Prevent cryptoassets such as ether (ETH) and XRP from being classified as securities.
- Ordering a thorough investigation into the actions of the Department of Justice, the Federal Reserve, and the FDIC allowed banks to distance themselves from cryptocurrency companies.
- Regulation for stablecoins.
- Establish clear legislation on the structure of the cryptocurrency market.
- Facilitate the legal issuance of tokens.
- Stop suing cryptocurrencies and start talking to them to develop regulations.
- Call for the freedom of Ross Ulbricht, who was convicted of creating Silk Road.
Why are these requests key for Bitcoin?
The cryptocurrency community’s petitions to Trump could have a significant impact on the Bitcoin and other cryptocurrency ecosystem. For example, firing Gary Gensler and appointing a new chairman for the SEC, with a direction that is more favorable towards digital assets could facilitate the adoption and development of innovative projects within the sector in the United States.
Restore trust and establish a strong legal framework: A clear and positive regulatory framework could attract more institutional investors and companies to the cryptocurrency space, which in turn could increase demand.
Taken together, all of these Petitions reflect a desire in the cryptocurrency community for a more regulated environmentbut also more fair and collaborative. If many of these demands are met, it could result in an increase in the acceptance of cryptocurrencies in the traditional financial system, increasing its adoption.
