NYDIG Exec Says Trump’s Crypto Plan Will Not Happen Quickly – Here’s More

The New York Digital Investment Group (NYDIG) has cautioned crypto stakeholders to water down expectations of hastened crypto regulations. The group cited possible roadblocks and requirements before the nominees could function, as well as other factors. Since Donald Trump’s win at the polls, crypto users have anticipated overall current policies, which sparked a positive rally. 

A recent NYDIG market update informs crypto users of delays that could face Trump’s crypto policies. Greg Cipolara, the group’s Head of Research, explained that despite soaring optimism, change will take a process, especially as some officials still need to be named. In the weeks following his victory, Trump announced several nominations, but they needed to undergo a confirmation process and staff selection.

A Republican sweep of the House and the Senate could clear the way for Trump’s nominees, but experts still advocate caution. Furthermore, not all officials have been revealed by Donald Trump, and several key appointments are on the way. However, nominations so far lean towards a pro-crypto administration.

“Key officials still need to be named, those that have been named need to go through the confirmation process, and then once confirmed they need to assemble their staff. The execution of these initiatives may be a matter of priority, with items like geopolitical conflict, the budget and debt ceiling, global trade and tariffs, and immigration perhaps more pressing matters,” he added.

Impact of Trump’s Pro-Market Policies

Ahead of the United States elections, Trump rolled out his plans for the sector and was perceived as a more crypto candidate. His plans ranged from positive crypto laws, miles away from the present administration’s war on the market, to a strategic Bitcoin reserve. This lured crypto users, leading to a bullish uptick after the polls.

The present administration’s war on the market was illustrated by a lack of rule clarity leading to frequent lawsuits. Unlike Trump’s plans to make the country the global Bitcoin capital, these factors were said to drive investment to other jurisdictions. Secondly, a US strategic Bitcoin reserve has triggered a new phase of institutional adoption, leading to significant price gains.

Last year, Senator Cynthia Lummis rolled out a bill for the government to purchase one million BTC across 5 years. This will be held for 20 years and used to pay off the national debt, suggesting selling gold reserves to fund the purchase. Weeks after the elections, Bitcoin tapped a new all-time high above $107K before the recent price correction.