Jan 18, 2025
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Trump Sets Tariff Increases and Plans to Commute Silk Road Creator’s Sentence
President-elect Donald Trump has outlined several commitments impacting the crypto industry:
Increase tariffs
- Trump plans a 10% tariff increase on China and 25% on Canada and Mexico.
- A new agency, the "External Revenue Service," will be established to collect tariff income.
- Expectations suggest that tariff increases will occur gradually.
Commute Silk Road creator’s sentence
- Trump intends to commute the sentence of Ross Ulbricht, who is serving a double life sentence plus 40 years since 2015.
- Ulbricht was convicted of multiple federal crimes related to the Silk Road marketplace.
Overturn SAB 121
- Trump aims to reverse the SEC’s SAB 121 guidance regarding how crypto custodians report assets on balance sheets.
- The previous administration vetoed efforts to overturn this guidance, citing concerns about its impact on SEC regulation.