Inauguration Day: Looking Ahead with Hope
Today marks the start of a new term under President Donald Trump, bringing fresh opportunities for economic growth and advancements in the technology industry.
It is crucial to allow the administration time to set its agenda and reform the legislative, regulatory, and governance frameworks left by the Biden Administration. My hope is that President Trump, his leadership team, and Congress will address the flawed tech policies of the Biden administration, revitalizing the tech ecosystem and driving economic expansion.
The incoming Trump administration has already demonstrated strong support for artificial intelligence (AI), Web3 and emerging technology startups, venture capital and Wall Street as reflected in key appointments and nominations. Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE), focusing on reducing federal expenditures and improving operations. Venture capitalist David Sacks will serve as AI and cryptocurrency czar, driving U.S. leadership in these sectors, while tech visionary Mark Andreessen will advise on innovation-friendly policies.
In addition, Scott Bessent, a billionaire hedge fund manager and is Trump’s nominee for Treasury Secretary. Key economic positions feature secretaries from Trump’s first term, such as Joseph Simons (FTC Chair, 2018–2021), Jay Clayton (SEC Chair, 2017–2020), Linda McMahon (SBA Administrator, 2017–2019), Jovita Carranza (SBA Administrator, 2020), and Wilbur Ross (Commerce Secretary, 2017–2021).
Together, this team is poised to create a business-friendly environment, streamline regulations, and drive technological innovation.
The Biden administration enacted policies that obstructed progress in four key areas, slowing the growth of the tech industry, weakening U.S. leadership potential, and suppressing research, development, and innovation. Key U.S. government policy areas requiring reform, renewed focus, and revitalization include:
Revitalizing and Supporting the U.S. Startup Ecosystem: The Biden administration's policies and regulatory approach-particularly in AI and Web3-has dampened investment in AI startups, venture capital and hindered market competition. Also, importantly, it has suppressed M&A. It has only tacitly accepted the transformative platform shift in AI and data, fueled by cloud services and commercial and open-source software, which has positioned the U.S. as a global leader in economics, military strength, and technology. Over the past four years, the US has limited adoption of Bitcoin and imposed restrictive measures against cryptocurrency growth which has further stifled innovation.
Entrepreneurial tech companies have revolutionized industries, creating world-class firms that drive innovation and global dominance. Fostering disruption and supporting startups is vital to sustaining this leadership. In contrast, the Trump administration’s commitment to a pro-innovation agenda promises to prioritize policies that empower startups, encourage investment, and embrace technological breakthroughs, reigniting optimism for the future of American innovation.
The Trump administration plans to ease restrictive regulations, fostering a more favorable environment for innovation, particularly in AI and cryptocurrency. Over the next four years, the goal is to reinvigorate M&A activity, driving technological transformation that is essential for sustaining U.S. leadership in the global tech race—particularly against China—and supporting ongoing economic growth.
Encouraging broader adoption and implementation of AI: Over the past four years, the Biden Administration has sought to control AI development by establishing what it referred to in internally as an "AI Governing Class." This strategy designates market giants like Apple, Amazon, Google, Microsoft, and OpenAI as key collaborators with the government to drive AI advancements for defense and a limited range of other domains. Calling this approach shortsighted would be an understatement—it has stifled market competition, hindered innovation and research, and deterred critical investments in AI startups, ultimately limiting the broader potential of the AI sector.
On January 14, 2025, President Joe Biden signed an executive order (EO) to enhance AI infrastructure in the U.S., focusing on developing large-scale AI data centers powered by clean energy. Federal agencies are tasked with accelerating projects at government sites, with the Departments of Defense and Energy selecting locations for private-sector development. Developers must use clean energy, streamline permitting, and cover all costs to protect consumers. The order prioritizes national security, global leadership in AI, and responsible development while encouraging international collaboration. Building on past initiatives, it also calls for AI companies to share safety test results and review data practices.
The hope is that the Trump administration will rescind these executive orders.
Reducing regulatory barriers for cryptocurrency and blockchain technologies: Over the past four years, the Biden administration deregulated Bitcoin ETFs, leading to a significant inflow into tradeable markets. However, it simultaneously introduced inconsistent classifications for cryptocurrencies—defining them as assets, securities, or commodities—which created confusion in public markets and hindered their adoption by banks for international trade and currency transactions. These actions reinforced regulatory barriers for cryptocurrencies and blockchain technologies, failing to acknowledge their transformative potential to revolutionize finance, supply chains, and other industries.
The Trump administration aims to foster innovation by creating a favorable environment for blockchain development, encouraging investment, attracting talent, and positioning the U.S. as a global digital leader. This includes revisiting restrictive policies that hindered Web3 growth and collaborating with stakeholders to balance consumer protection with technological advancement. By reducing barriers, the administration seeks to unlock opportunities for secure, decentralized applications in finance, healthcare, and national security, reinforcing its vision of leveraging innovation to enhance U.S. competitiveness globally.
Facilitating – rather than restricting – merger and acquisition (M&A) activity: The Trump administration plans to reverse the restrictive anti-merger policies implemented during the Biden era under Lina Khan's leadership at the Federal Trade Commission. These policies imposed stringent oversight and centralized control over large-scale business combinations while actively discouraging medium-sized and even small M&A.
This policy shift aims to create a more favorable environment for M&A, particularly for large-scale deals, by eliminating burdensome oversight and unnecessary bureaucratic obstacles. By encouraging market-driven collaboration and fostering healthy competition, the administration seeks to stimulate investment, accelerate technological innovation, and enable companies to scale effectively and compete on a global stage.
Conclusion
As the Trump administration begins its new term, it brings a clear focus on revitalizing the U.S. economy and strengthening leadership in technology and innovation. By reducing regulatory barriers, promoting M&A activity, and supporting AI, cryptocurrencies and blockchain, and startups, the administration aims to foster growth, attract investment, and drive transformative progress. With these efforts, the U.S. is poised to reclaim its global competitive edge and usher in a new era of innovation and opportunity.