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The executive order would instruct regulatory agencies to work with the industry and create a crypto council to represent the industry, according to people familiar with the plans.
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US President-elect Donald Trump is reportedly expected to sign an executive order designating crypto as a national priority that could come as soon as he re-enters office on Jan. 20.
Bloomberg reported on Jan. 17, citing people familiar with the plans, that the order would mean regulatory agencies would be guided to work with the industry. It could also create a crypto council to advocate the industry’s policy wishes.
The order could be signed on Jan. 20 — Trump’s first day back as president — but it’s not final and could change before it’s made public, the report said.
Trump is widely speculated to be lining up a day-one crypto-related executive order as the local industry heavily backed his campaign, and the incoming president promised that the US would be a “crypto capital.”
The New York Times similarly reported on Jan. 16 that crypto executives had offered input to Trump’s crypto czar, David Sacks, on an executive order covering multiple areas of crypto policy.
Trump addressed the Bitcoin 2024 conference in July, promising to make the US a global “crypto capital.” Source: YouTube
The Washington Post reported on Jan. 13 that Trump is expected to sign executive orders on Jan. 20 covering crypto de-banking and repealing a bank accounting policy that requires banks holding crypto to list the digital assets as a liability.
Bloomberg reported that a directive for government agencies to review their crypto policies and freeze crypto-related litigation is still under discussion, as is creating a Bitcoin (BTC) reserve for the government to hold onto the assets it has seized.
Reuters reported on Jan. 15 that the Securities and Exchange Commission under Trump could review its crypto-related cases and pause any that don’t have fraud allegations.
Industry lawyers also bet that the SEC will soon abandon its crypto cases.
Ripple Labs chief legal officer Stuart Alderoty said on Jan. 15 that the agency’s long-running action against the firm was “likely to be abandoned by the next administration” after the regulator filed arguments to an appeals court.
Related: Trump’s potential Treasury secretary pick ‘sees no reason’ for US CBDC
Meanwhile, crypto advocates have supported the idea of the US holding a reserve of Bitcoin, claiming it could be an inflation hedge and could help ease the nation’s debt.
Arkham Intelligence data shows the US holds nearly $20.3 billion worth of various cryptocurrencies seized in criminal investigations — $19.8 billion of that figure alone is seized Bitcoin.
One bill pushed by Senator Cynthia Lummis said the Treasury should buy 1 million BTC, which would cost at least $100 billion, given Bitcoin’s price at around $100,200.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’ — Kain Warwick, Infinex
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