Outside Source
Crypto executives are still waiting for detailed guidance from the White House on issues like securities regulation and taxation.
News
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.”
Trump signed a crypto executive order on March 6. Source: Margo Martin
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.
This article first appeared at Cointelegraph.com News
