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As we approach the inauguration of President-elect Donald Trump, the crypto industry and beyond are eager to see if he will deliver on his promises for his first day in office.
Let’s take a closer look at some of the key vows he has made:
Increase tariffs
Trump’s proposed tariff policies have been a major point of discussion in recent months. His latest announcement in late November included a 10% increase on imports from China, as well as 25% tariffs on goods from Canada and Mexico. While both countries have shown a willingness to negotiate, Trump has also revealed plans to establish the “External Revenue Service” to oversee tariff collection starting next Monday. However, many experts predict that tariff hikes may not happen as swiftly as anticipated.
Commute Silk Road creator’s sentence
One of Trump’s more controversial promises is to commute the sentence of Ross Ulbricht, the convicted founder of the Silk Road marketplace. Ulbricht is currently serving a double life sentence plus 40 years for various federal charges, including narcotics conspiracy and money laundering. Despite allegations of involvement in murder-for-hire schemes, Ulbricht was not formally charged with this crime.
Overturn SAB 121
Reports suggest that Trump is planning to reverse the SEC’s SAB 121 guidance, which requires crypto custodians to list custodied assets as liabilities on their balance sheets. This move would mark a significant shift in regulatory policy for the cryptocurrency industry. It’s worth noting that President Biden previously vetoed a bipartisan resolution aimed at achieving a similar outcome, citing concerns that it could unduly restrict the SEC’s authority.