An Open Letter to Trump: How to Secure America’s Crypto Leadership

An Open Letter to Trump: How to Secure America’s Crypto Leadership
  • As Donald Trump is going to take the White House again as President in a few hours, he must ensure US crypto leadership with clear regulations, a digital dollar, consumer protections, and global collaboration.
  • U.S. risks falling behind in crypto. Trump should prioritise blockchain innovation, banking access, and a strong policy framework.

As Donald Trump prepares to take the oath of office and return to the White House, the world is watching with anticipation. His presidency begins at a time of immense economic transformation, with one of the most significant forces shaping the future being cryptocurrency and blockchain technology. What was once a niche interest for tech enthusiasts has now become a global financial and technological revolution. This revolution has the potential to redefine commerce, empower individuals, and reshape the role of governments in the digital age.

Cryptocurrency is no longer a fringe concept. As of 2023, the global cryptocurrency market is valued at approximately $1.2 trillion, with Bitcoin alone accounting for over $500 billion. At the end of 2024, it is around $3.3 trillion. Blockchain technology, the foundation of cryptocurrency, is being adopted by major corporations, governments, and financial institutions worldwide. Yet, despite its growing importance, the United States has struggled to provide clear regulatory frameworks, foster innovation, and assert its leadership in this space. If the U.S. fails to act decisively, it risks falling behind countries like China, which has already launched its own central bank digital currency (CBDC), or the European Union, which is advancing its comprehensive Markets in Crypto-Assets (MiCA) regulation.

President Trump’s administration has a unique opportunity to seize this moment and position the United States as a global leader in cryptocurrency and blockchain innovation. To achieve this, there are six critical steps that must be taken to ensure America’s dominance in this transformative sector.

Establish a Unified and Transparent Regulatory Framework

The lack of regulatory clarity in the United States has stifled innovation and driven many cryptocurrency companies to relocate overseas. Entrepreneurs and investors are frustrated by the inconsistent and often contradictory actions of federal agencies like the SEC and CFTC, as well as the patchwork of state-level regulations. For instance, the SEC’s lawsuits against major players like Ripple and Coinbase have created uncertainty, discouraging investment and innovation in the sector.

The Trump administration must prioritize the development of a unified regulatory framework that provides clarity and consistency. This framework should clearly define what constitutes a security, a commodity, or a currency in the cryptocurrency space. It should also establish straightforward guidelines for taxation, anti-money laundering (AML) compliance, and consumer protection. By doing so, the U.S. can foster innovation while ensuring that bad actors are held accountable.

Accelerate the Development of a US CBDC & Establish a National Bitcoin Reserve

China’s digital yuan is already being used in cross-border transactions, and the European Central Bank is making significant progress with its digital euro. Meanwhile, the U.S. Federal Reserve has been slow to act, putting the dollar’s status as the world’s reserve currency at risk.

US CBDC could enhance financial inclusion, streamline payments, and strengthen the dollar’s dominance in global trade. However, it must be designed with care to protect individual privacy and prevent government overreach. The Trump administration should work closely with the Federal Reserve to accelerate the development of a digital dollar, ensuring that it is secure, efficient, and aligned with American values.

Additionally, a strategic move would be to establish a national Bitcoin reserve, akin to gold reserves. This would not only acknowledge Bitcoin’s role in modern finance but also secure the U.S.’s position in global economic discussions regarding digital currencies. Such a move could stabilize markets, reduce the government’s reliance on traditional monetary systems, and signal a strong commitment to cryptocurrency’s future.

Promote Blockchain Innovation Across Industries

Blockchain technology is not limited to cryptocurrency—it has applications in supply chain management, healthcare, voting systems, and more. For example, Walmart has used blockchain to improve food safety by tracking the origin of produce, while IBM has developed blockchain solutions to streamline cross-border trade.

The administration should create incentives for companies to develop and adopt blockchain technology. This could include tax credits for research and development, grants for pilot projects, and public-private partnerships. By fostering innovation, the United States can ensure that it remains at the forefront of this transformative technology.

Protect Consumers and Promote Financial Literacy

The cryptocurrency market is rife with scams, hacks, and misinformation. SlowMist Hacked reported that 2024 saw 410 security incidents in the cryptocurrency space, leading to losses totaling $2.013 billion. Many Americans are drawn to the promise of quick riches but lack the knowledge to navigate this complex and volatile market.

The Trump administration should launch a nationwide campaign to promote financial literacy, with a particular focus on cryptocurrency and blockchain. This could include educational programs in schools, public awareness campaigns, and partnerships with industry leaders. Additionally, consumer protection laws should be strengthened to ensure that investors are not exploited by fraudulent schemes.

Lead International Collaboration on Crypto Regulation

Cryptocurrency is a global phenomenon, and unilateral action by the United States will not be enough to address its challenges and opportunities. Countries like Switzerland, Singapore, and the United Arab Emirates have already established themselves as crypto-friendly hubs, attracting talent and investment.

The administration should work with international organizations like the G20, the Financial Action Task Force (FATF), and the International Monetary Fund (IMF) to develop global standards for cryptocurrency regulation. By leading these efforts, the United States can ensure that its values—such as transparency, fairness, and innovation—are reflected in the global crypto landscape.

Ensure Banking Access for Crypto Firms

Crypto companies have faced significant hurdles in obtaining banking services due to regulatory ambiguity. Many financial institutions are hesitant to work with crypto firms, fearing potential legal or compliance risks. This lack of access to traditional banking services has stifled growth and created unnecessary barriers for legitimate businesses in the crypto space.

The Trump administration should issue an executive order to clarify banking access for crypto firms, ensuring that they are treated fairly and have the same opportunities as businesses in other industries. This action would foster an environment conducive to growth and stability, helping to integrate the crypto economy with traditional finance. By bridging the gap between these two sectors, the administration can enhance their resilience and innovation capabilities, ultimately strengthening the U.S. economy as a whole.

The cryptocurrency and blockchain revolution is here, and it is not waiting for anyone. The decisions made in the coming months will determine whether the United States leads this revolution or falls behind. By taking these six steps, the Trump administration can position America as a global leader in this transformative space, fostering innovation, protecting consumers, and ensuring that the benefits of this technology are shared by all.

The stakes are high, and the world is watching. Bold leadership and decisive action are needed now more than ever. The future of finance—and America’s place in it—depends on it.

 

Source: https://www.financemagnates.com/cryptocurrency/an-open-letter-to-trump-how-to-secure-americas-crypto-leadership/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Leadership Thought: Exploring Stablecoins and Their Role in Crypto Payments

Leadership Thought: Exploring Stablecoins and Their Role in Crypto Payments

Stablecoins have emerged as a pivotal component, offering a bridge between the volatile nature of digital currencies and the stability of traditional fiat money. Anndy Lian, a best-selling book author, and Tran Hung, CEO of UQUID, explore the adaptability of stablecoins in crypto payments and their potential to revolutionize the financial landscape.

Stablecoins are digital currencies pegged to a stable asset, such as the US dollar, to minimize price volatility. As they become integral to the crypto ecosystem, understanding their impact on finance and daily transactions is crucial. This episode brings together two thought leaders to discuss the current state and future potential of stablecoins in the world of payments.

The Role of Stablecoins in the Cryptocurrency Ecosystem
Anndy Lian emphasizes that stablecoins serve as a crucial element in the cryptocurrency ecosystem, acting as a stable medium for transactions. They provide a familiar denomination for users, akin to the US dollar, facilitating easier and more understandable transactions. Stablecoins also encourage broader adoption of cryptocurrencies by offering a less volatile alternative for payments and investments.

Tran Hung highlights the impact of stablecoins in emerging markets, where fiat currencies often face devaluation. Stablecoins offer a reliable store of value, allowing users to preserve their purchasing power. In UQUID’s ecosystem, stablecoins have become a preferred payment method, enabling users to make purchases without worrying about currency fluctuations.

Stablecoins and Cross-Border Payments
Stablecoins are revolutionizing cross-border payments by offering faster, cheaper, and more transparent transactions compared to traditional methods. Tran Hung notes that stablecoins enable instant settlements, reducing the time and cost associated with cross-border transactions. This transparency and efficiency make stablecoins an attractive option for global commerce.

Anndy Lian adds that the transparency of blockchain technology enhances the security of cross-border payments. Transactions can be easily tracked and verified, providing an additional layer of security. Moreover, the stability of stablecoins compared to other cryptocurrencies makes them a preferred choice for international transactions.

The Future of Stablecoins and Central Bank Digital Currencies (CBDCs)
As central banks explore the development of their own digital currencies, the relationship between stablecoins and CBDCs becomes a topic of interest. Anndy Lian believes that stablecoins and CBDCs can coexist, serving different purposes. While stablecoins facilitate quick and low-cost transactions, CBDCs can act as a stable store of value within domestic markets.

Tran Hung agrees, noting that CBDCs are likely to operate on private blockchains, focusing on local transactions and government-related payments. In contrast, stablecoins, built on public blockchains, offer global accessibility and can be used across borders. This distinction allows both forms of digital currency to complement each other in the evolving financial landscape.

The Dominance of USDT in the Stablecoin Market
USDT, or Tether, has maintained its dominance in the stablecoin market due to its first-mover advantage and widespread adoption. Anndy Lian attributes USDT’s success to its early entry into the market and its ability to capture significant liquidity. Despite controversies, USDT has established itself as a reliable and widely used stablecoin.

Tran Hung emphasizes the trust that users have in USDT, particularly in emerging markets where stablecoins offer a solution to currency devaluation. The liquidity and accessibility of USDT make it a preferred choice for both individual users and large institutions.

The Future of Crypto Payments
Looking ahead, both experts envision a future where stablecoins play a central role in crypto payments. Anndy Lian hopes to see a diversification of payment methods, with other cryptocurrencies gaining traction alongside stablecoins. He believes that embracing a variety of digital currencies can drive further adoption and innovation in the crypto space.

Tran Hung sees stablecoins as a gateway to broader cryptocurrency adoption, particularly in regions with unstable fiat currencies. He anticipates that stablecoins will continue to gain popularity, offering a stable and efficient payment method for everyday transactions.

Conclusion
Stablecoins are not just a trend but a transformative force in the world of payments and commerce. From enabling cross-border transactions to providing a stable store of value, stablecoins are reshaping the financial landscape. As we look to the future, the continued evolution and adoption of stablecoins will play a crucial role in driving financial inclusion and innovation.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Modi’s push for global crypto regulation and ethical AI shows India’s leadership in the digital economy

Modi’s push for global crypto regulation and ethical AI shows India’s leadership in the digital economy

What do you think of when you hear the words “cryptocurrencies” and “artificial intelligence”? Do you think of innovation and opportunity, or risk and uncertainty? Do you think of the future, or the present? These are some of the questions that Indian Prime Minister Narendra Modi has raised in his capacity as the G20 president, as he calls for a global framework to regulate these technologies and ensure their responsible and beneficial use.

Cryptocurrencies and artificial intelligence (AI) are two of the most disruptive and transformative technologies of our time. They have the potential to revolutionize various sectors and industries, create new opportunities and challenges, and impact the lives of billions of people around the world. However, they also pose significant risks and uncertainties, such as volatility, illicit activities, environmental impact, ethical dilemmas, and social implications. Therefore, it is imperative to have a global framework to regulate these technologies and ensure their responsible and beneficial use.

This is exactly what Indian Prime Minister Narendra Modi has advocated for in his capacity as the G20 president. He has called for international cooperation and guidelines to address the challenges posed by cryptocurrencies and the ethical use of AI. Modi’s push for a unified framework aligns with India’s stance on cryptocurrency regulations, which includes a 30% tax on crypto gains in 2022. It also reflects India’s growing prominence in the field of AI, ranking fourth globally in AI talent.

Modi made these remarks at the B20 Summit in 2023, where he emphasized the need for international rules for cryptocurrencies due to their global impact, comparing it to standardized regulations in the aviation industry. He also highlighted the importance of protecting the interests of all stakeholders, especially the developing and emerging economies, while harnessing the potential of these technologies.

India has been actively participating in the global discussions on crypto regulation, as it holds the G20 presidency in 2023. India has also released a presidency note, which outlines its suggestions for a global framework for crypto assets, based on the guidelines issued by the Financial Stability Board (FSB), the Financial Action Task Force (FATF) and the International Monetary Fund (IMF). The note also emphasizes the need to address the macroeconomic challenges posed by cryptocurrencies, such as volatility, illicit activities and environmental impact.

India’s proactive stance on crypto regulation is commendable, as it shows its awareness of the opportunities and risks associated with these technologies. India has a large and growing crypto market, with over 15 million users and $6.6 billion worth of transactions. India also has a vibrant and innovative crypto ecosystem, with over 300 startups and 10 unicorns. However, India also faces complex legal and regulatory issues regarding cryptocurrencies, such as their status, taxation, KYC norms, consumer protection, and cyber security.

Therefore, India needs to balance its domestic interests with its global obligations. India needs to create a clear and consistent regulatory framework for cryptocurrencies that promotes innovation and growth, while ensuring compliance and accountability. India also needs to collaborate with other countries on creating a common set of standards and rules for cryptocurrencies that foster trust and stability, while respecting diversity and sovereignty.

Furthermore, Modi stressed the importance of integrating rapid technological advancements and protecting stakeholders’ interests. India’s growing prominence in the field of AI, ranking fourth globally in AI talent, makes it a significant player in shaping global discussions on ethical AI and emerging technologies. Modi said that AI has the power to transform various sectors and industries, such as agriculture, health care, education, and manufacturing. He also called for ensuring its ethical use, as it involves human values, rights, and responsibilities.

India has been taking several initiatives to develop responsible AI, such as the National Strategy for Artificial Intelligence and the Responsible AI for Social Empowerment Summit. India has also been collaborating with other countries on advancing AI research and innovation, such as the Global Partnership on Artificial Intelligence (GPAI) and the Indo-French Centre for Applied Mathematics (IFCAM). India has also been supporting various social causes through AI applications, such as disaster management, wildlife conservation, and women empowerment. India’s proactive stance on ethical AI is admirable, as it shows its commitment to contributing to the global dialogue on AI governance and ethics. India has a huge potential to leverage AI for social good, as it has a large population of 1.3 billion people, many of whom face challenges such as poverty, illiteracy, malnutrition, and disease. India also has a rich and diverse culture, which can offer valuable insights and perspectives on AI ethics and values.

Therefore, India needs to balance its technological aspirations with its social obligations. India needs to create a robust and inclusive AI ecosystem that fosters innovation and excellence, while ensuring equity and justice. India also needs to collaborate with other countries on creating a universal framework for ethical AI that respects human dignity and rights, while promoting human development and well-being.

Modi’s push for a global crypto regulation and ethical AI reflects India’s vision of becoming a leader in the digital economy and innovation. It also signals India’s willingness to collaborate with other countries on shaping the future of these emerging technologies. India has a unique opportunity and responsibility to play a pivotal role in the global governance and ethics of cryptocurrencies and AI. India should seize this opportunity and fulfill this responsibility, as it will benefit not only itself, but also the world.

 

Source: https://wishu.io/modis-push-for-global-crypto-regulation-and-ethical-ai-shows-indias-leadership-in-the-digital-economy/

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j