President-elect Donald Trump plans to release an executive order to elevate cryptocurrency to a national priority in the US, giving the industry a presence within his administration.
The incoming administration also plans to create a crypto advisory council and a national Bitcoin stockpile.
A Significant Policy Shift
The move signals a significant policy shift, giving the crypto industry a more prominent role in shaping government policy and decisions. The executive order to designate cryptocurrency as a national imperative has been worded strategically to guide government agencies to work with the industry. The order is also likely to establish a cryptocurrency advisory council. The council will advocate for the sector’s policy needs. Industry experts expect Trump to issue several executive orders on his first day in office to address several issues, including de-banking and repealing a controversial crypto accounting policy that requires banks holding digital assets to count them as liabilities on their balance sheet.
“JUST IN: US President-elect Trump to designate cryptocurrency as a “national priority.”
The initiative is seen as a significant win for the cryptocurrency sector, which faced several regulatory challenges and enforcement action under the Biden administration. Agencies like the Securities and Exchange Commission launched over 100 enforcement actions against crypto companies in recent years.
A National Bitcoin Stockpile
The incoming administration is also deliberating the inclusion of a directive for government agencies to review policies about digital assets. The order could also potentially issue directives to pause litigation involving crypto. Stopping legal actions against top crypto companies, including Binance and Coinbase, is a priority for the industry. The incoming administration is also considering creating a national Bitcoin stockpile, encompassing the government’s existing BTC holdings.
The US government currently holds around $20 billion worth of BTC, confiscated as part of various investigations and enforcement actions. BTC has rallied since Trump’s election victory, partially due to optimism about a national Bitcoin stockpile. However, sources cautioned that the executive order could see several changes before it is released, possibly as soon as Monday.
Strong Support From The Industry
Donald Trump has enjoyed considerable support from the cryptocurrency industry. The industry has a powerful presence in Washington and is backed by several political action companies. Crypto companies, including Coinbase and Ripple, donated generously to Trump’s inaugural committee and will hold an Inaugural Crypto Ball, to support Trump. Trump embraced crypto on the campaign trail, headlining several Bitcoin and crypto conferences and promising to make the US the crypto capital of the world. Trump has several NFT collections and launched a new crypto project with his sons called World Liberty Financial.
Trump plans to issue several executive orders across industries within a few days of taking office.
“What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signaling to other countries is be careful, or you won’t keep up.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
