Crypto Community Eager for Trump to Fulfill All His Promises, Including Firing Gensler and Freeing Ulbricht

Trump has just pulled the greatest comeback with his win yesterday over Democratic representative, Vice President Kamala Harris, after being kicked out of the White House 4 years ago.

With a 270 over 217 lead over his opponent, Donald Trump is officially crowned as the 47th U.S president with much of the crypto community responding enthusiastically to his win.

The crypto community celebrates a major victory for Bitcoin

Trump will now join Grover Cleveland as the second President in the whole American history to serve non-consecutive terms. Castle Island Ventures partner Nic Carter has described Trump's victory as the greatest comeback story of all time, given all the difficulties and challenges Trump went through, such as his two assassination attempts and his previous lawsuits.

Jameson Lopp, the co-founder of Casa assimilated Trump's win as a major victory for Bitcoin.

Similarly, CEO of Jan3, Samson Mow, said that Trump's win would kickstart a whole new era for Bitcoin.

"The people have spoken," Bitcoin Magazine CEO David Bailey wrote on his X post, seemingly suggesting that the American community is leaning more towards Trump's policy this term.

There were also many who were curious to see how the Elon Musk and Donald Trump partnership would playout, and whether they would stay true to their word and create a "Department of Government Efficiency," or D.O.G.E under the Trump administration, an acronym matching the ticker for the Musk favored memecoin Doge.

Musk himself have also expressed optimism toward a future under the Trump administration, writing

"The future is gonna be fantastic."

Of course, there are also others who did not show the same optimism for a new term under Trump. Ethereum Name Service founder, Nick Johnson expressed his pessimism saying,

"Glad I don't live in the U.S today, but gladder I don't live in Ukraine.The U.S just elected a convicted felon who stole top secret documents and hid them in his bathroom. Forgive me for not seeing the silver lining."

There were also many other high-profile crypto supporters, like SkyBridge Capital CEO Anthony Scaramucci and billionaire entrepreneur Mark Cuban, who had advocated for Harris during the presidential race, were gracious in defeat and also congratulated Trump on his victory.

Crypto community reminds Trump of his promises?

But a huge portion of the crypto community falls under the category anarcho-capitalist or libertarians, where they had been critical of both candidates during the whole 2024 election. But now that Trump has emerged victorious, the community is watching closely to see if Trump keeps to his promises.

Trump has promised many things throughout his campaign, but the thing that the crypto community is most concerned about seems to be the well being of the "Godfather of Bitcoin", Ross Ulbricht.

OG Bitcoiners, including Erik Voorhees, Michael Goldstein and Amir Taaki were quick to remind the President elect of his pledge to free Ulbricht from prison.

Another one of his promises is to fire Securities and Exchange Commission Chair Gary Gensler on day one. This is a bold claim and its unclear whether Trump can really do that for various reasons. Firstly, the SEC is an independent federal agency, so Trump, even as the president does not have the authority to remove the SEC chair without cause; secondly, if Trump were to fire Gensler from the SEC, Trump would probably meet with strong resistance from the Congress. We also aren't sure if firing Gensler would be a breath of fresh air for crypto...

Trump makes U.S into a Bitcoin Mining powerhouse

But above everything else, the crypto community is unsure if Trump can really turn U.S into a Bitcoin Mining powerhouse by creating a national strategic bitcoin reserve and easing regulations for the industry.

In a June 12 post on Truth Social, Trump expressed support for Bitcoin mining, highlighting its potential to bolster energy dominance.

More recently,Trump has also become involved in a crypto project backed by his sons called World Liberty Financial, which aims to provide DeFi lending and borrowing services similar to Aave before eventually moving into tokenized real estate.