With his inauguration approaching, President-elect Donald Trump has outlined several promises impacting the crypto and trade sectors. Notably, he aims to impose a 10% tariff increase on China and 25% tariffs on Canada and Mexico, with an agency named the 'External Revenue Service' set to manage tariff income. Trump also intends to commute the sentence of Ross Ulbricht, the creator of the Silk Road, who is serving a life sentence due to multiple federal convictions. On the regulatory front, he plans to overturn SAB 121 guidance, which requires crypto custodians to account for custodied assets as liabilities, contradicting sentiments from the previous administration. Trump’s agenda reflects a strong inclination towards engaging with the crypto industry and altering existing trade relationships, presenting significant shifts in policy once he assumes office.

Source 🔗