At the Bitcoin 2024 conference in Nashville, Trump detailed a set of crypto-friendly policies. He also claimed that Bitcoin’s price would soar under his administration.

Some of Trump’s crypto policy proposals include:

• Create a government stockpile of Bitcoin: During the conference, Trump noted that his administration would “keep 100 percent of all the Bitcoin the U.S. government currently holds or acquires into the future,” adding that the digital currency would act as the “core of the strategic national Bitcoin stockpile.” It’s estimated the U.S. government held more than $5 billion worth of Bitcoin as of October 2023, largely seized from criminal investigations. However, it’s unclear what the stockpile would be used for, whether it’s realistic or if it’s even welcomed by the broader crypto industry.

• Create a crypto advisory council: In Nashville, Trump proposed launching a group called the “Bitcoin and crypto presidential advisory council,” which would have rules “written by people who love your industry, not hate your industry.”

• Block the Federal Reserve from creating its own digital currency: Central bank digital currencies, known as CBDCs, are a growing trend around the rest of the world, but the idea has received significant pushback from the U.S. cryptoverse. The Fed hasn’t decided whether to make a fully digital version of the U.S. dollar, though it did release a long-awaited report in January 2022 detailing the potential costs and benefits. Trump has spoken out against the idea multiple times in 2024, including at a January campaign rally in New Hampshire, where he called it a “dangerous threat to freedom.” In May, the House passed a bill that would bar the Federal Reserve from creating a CBDC.

Unsurprisingly, many experts in the cryptocurrency world are optimistic about Trump’s upcoming return to the White House.

Adam Blumberg, co-founder of Interaxis, a firm that provides cryptocurrency and blockchain education for financial advisors, thinks the administration will bring clarity to the still-murky regulatory landscape of digital currency.

“I think we’ll see stablecoin legislation, which will lead to more people transacting on the blockchain,” says Blumberg, referring to the technology that underlies cryptocurrency. “We’ll also see projects where tokens aren’t considered a security, so teams won’t be worried about launching.”

Trump has also repeatedly pledged to fire Gary Gensler, current chair of the Securities and Exchange Commission (SEC), who presided over the outgoing administration’s push to regulate the crypto industry.

However, Trump’s recent alignment with cryptocurrency might prove ethically dubious.

Trump’s latest business venture, World Liberty Financial,  is a project that’s been described as a decentralized finance (DeFi) money market, or a platform where people can borrow, lend and earn interest on crypto.

An earlier white paper for the venture stated that it would feature a new cryptocurrency called $WLFI that would be sold to the public, according to The New York Times.

Trump announced the project on Sept. 16 during a livestream on X, accompanied by his son Donald Jr. and executives behind the venture, including Chase Herro and Zachary Folkman. World Liberty Financial officially launched the following month, mere weeks before the election.

Trump’s involvement in the crypto project raises concerns regarding ethics now that he’s been reelected president. Conflicts of interest, including his influence on crypto regulation and the potential for market manipulation, could directly impact cryptocurrency — and his financial stake in it.

“No one on the GOP side is willing to oppose Trump right now, so they’re going to propose and vote [for] the rules he wants,” says Blumberg.

Trump’s embrace of digital currency may prove favorable for investors and industry leaders who covet looser regulations. But ethical concerns over the recent launch of his cryptocurrency project World Liberty Financial are likely to intensify after Trump takes office.