Trump makes crypto a priority with an executive order
President-elect Donald Trump is likely to sign the executive order when he is sworn in on January 20. The order could also create a crypto advisory council, people familiar with the matter said, adding that the order is not final and could change before it becomes public.
US President-elect Donald Trump is reportedly planning to sign an executive order designed to prioritize crypto as his inauguration day approaches.
The order allows industry insiders to work with agency regulators, according to people familiar with the matter. It may also create a crypto advisory council, Bloomberg reported.
According to an earlier report from the Washington Post, Trump is expected to sign executive orders on the first day of his presidency – focusing on crypto de-banking and repealing the crypto accounting policies required for banks to consider digital assets as liabilities.
Trump, who will be inaugurated on January 20, has received significant support from the crypto industry. On his campaign trail, he pledged to make America the “crypto capital” of the world, and was the recipient of a $2 million bitcoin donation from Cameron and Tyler Winklevoss and a $1 million Ethereum donation from Kraken founder Jesse Powell. .
Since winning the US election in November, the crypto market Bitcoin has rallied to hit a new all-time high above $108,000.
Trump has also nominated several pro-crypto candidates for his incoming administration, including crypto czar David Sachs, Bo Hines as executive director of the President's Council of Digital Assets Advisors, and Paul Atkins as the next chairman of the US Securities and Exchange Commission (SEC). .
Earlier this week, Republican commissioners at the SEC signaled they were ready to overhaul the agency's crypto policies as Trump prepares to take office next week.
Pushing American technology
Despite facing regulatory hurdles, the crypto market has also seen positive growth under President Joe Biden's administration.
In early 2024, for example, the SEC approved the first U.S. exchange-traded funds (ETFs), which expanded the market. BlackRock's IBIT Bitcoin ETF currently holds more than 559,000 bitcoins, worth $56.2 billion, according to iShares data.
However, in the new administration, Trump is interested in pushing American technology companies to the forefront.
Cara Calvert, Vice President of US Policy at Coinbase Global, said: “What I think Donald Trump is going to do is show that the United States is back and ready to lead in this industry. The advice to other countries is to be careful, or you can't proceed.
At press time, Bitcoin is back in the $100,000 range and trading around $102,000.
