Cryptocurrency under the Trump administration – The Watchdog

What is cryptocurrency? According to Coursera, it is a digital currency that is recorded with the blockchain technology and not with a bank. The blockchain technology acts as a major and follows who belongs. Since each transaction is recorded and encrypted as a block, this means that the data stored on a blockchain cannot be deleted or changed without consumption of a network. This means that it is much more difficult to be fake and every transaction remains safe. Since cryptocurrency enjoys advantages such as accessibility, low transaction costs and fast transaction speed, it has become increasingly popular in recent years.

With the election of President Trump, cryptocurrency has only increased further. Trump has shown his support for cryptocurrency for a long time, and his administration worked on creating a “Crypto Strategic Reserve” (AP News). Trump has his own coin coin, which has accumulated its own high value and has increased to “value of up to 20 billion US dollars” (USA today).

The Democrats of the Senate recently blocked a draft law called Genius Act, which aimed to regulate the US cryptocurrency. It was intended to create a stable coin and bind to the value of the dollar. The main reason for the vote against the draft law was that the Democrats were concerned that President Trump was too involved in the industry (MSN).

According to MSN, the Democratic Senator Elizabeth Warren fears that they could damage the US economy and to make taxpayers pay the compensation. Despite this setback, the invoice could continue if a deal is completed. Senator Mark Warner explains that he remains “fully for the law” (MSN).

Nobody knows what the future of cryptocurrency looks like, but recently the cryptocurrency will continue to grow despite this first setback.