In a recent BitPinas Webcast, experts discussed the implications of Donald Trump's presidency on cryptocurrency regulations in the Philippines, following his election on November 5, 2024. Trump is largely viewed as 'pro-crypto,' with expectations of increased adoption and regulatory clarity in the sector [aa8e464b].
On December 13, 2024, Trump announced a strategic Bitcoin reserve initiative, aiming to position the U.S. as a global leader in cryptocurrencies and prevent China from dominating the sector. He described Bitcoin as a 'second stock market' essential for economic strength [24e35793]. This initiative also includes the formation of an Advisory Council on Cryptocurrencies to promote development and regulation, with Paul Atkins appointed as the new head of the SEC to implement crypto-friendly regulations [24e35793].
The panel highlighted that the Philippines has been slow to adapt to U.S. regulations, with Gilbert Lazaro noting that significant changes in local laws are unlikely without clear directives from the U.S. [aa8e464b]. The ongoing crackdown by the SEC on unlicensed exchanges, such as Binance and eToro, is expected to continue, as emphasized by Luis Buenaventura [aa8e464b].
Infrastructure issues within the Philippines further complicate rapid regulatory adaptation, which could hinder the growth of the crypto market in the region [aa8e464b]. Additionally, Trump's 'America First' policy may present challenges for global markets; however, the decentralized nature of cryptocurrencies could help mitigate some of these impacts [aa8e464b].
The relationship between Bitcoin and the U.S. dollar could also be affected if Trump takes steps to strengthen the dollar, which might reshape global dynamics in cryptocurrency trading [aa8e464b]. Furthermore, discussions included Trump's potential plan for a U.S. Bitcoin reserve, which could have significant implications for the global crypto landscape [24e35793].
The panel concluded by emphasizing the importance of education in cryptocurrency for Filipinos, suggesting that a well-informed public could better navigate the evolving regulatory environment and take advantage of the opportunities presented by the crypto market [aa8e464b].
As the U.S. prepares for a transition in leadership with Trump's nominations, including Paul Atkins as SEC chairman, the effects of these changes on both U.S. and Philippine cryptocurrency regulations remain to be seen. The cryptocurrency market is at a critical juncture, with potential for a more supportive regulatory framework under the new administration, which could foster growth and innovation in the sector [dd7313c0].