President-elect Donald Trump has made several promises to the crypto industry. He has proposed tariff plans, including a 10% increase on China and 25% tariffs on Canada and Mexico. Trump also stated that a new agency called the "External Revenue Service" will be created to collect tariff income. It is believed that tariff increases will happen at a slower pace. Trump pledged to commute the sentence of Ross Ulbricht, who has been serving a double life sentence plus 40 years since 2015 for his involvement in the Silk Road marketplace. Additionally, Trump plans to reverse the SEC's SAB 121 guidance, which requires crypto custodians to list custodied assets as liabilities on their balance sheet. President Biden vetoed a resolution seeking to do this.



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