Trump to Prioritize Cryptocurrency with Upcoming Executive Order

In a significant shift in policy, President-elect Donald Trump is poised to sign an executive order on January 20, making cryptocurrency a national priority. This directive aims to instruct regulatory agencies to collaborate with the crypto industry closely and is set to establish a dedicated crypto council to advocate for the industry’s objectives.

The anticipated executive order reflects Trump’s long-standing commitment to transforming the United States into a global hub for cryptocurrency. During his campaign, he promised to position America as a “crypto capital,” attracting support from industry leaders and enthusiasts alike. Sources indicate that this move not only emphasizes regulatory cooperation but also signals a broader embrace of digital currencies within federal governance.

Among the key elements of this executive order are provisions that could lead to a review of current regulatory frameworks. This includes potential changes to how cryptocurrencies are classified and accounted for by financial institutions. Furthermore, discussions surrounding the creation of a Bitcoin reserve for the government to manage seized digital assets are currently underway, highlighting a growing recognition of Bitcoin as an invaluable asset class.

Comments from industry insiders suggest that optimistically, the order may also address pressing issues such as crypto de-banking and the repeal of counterproductive bank accounting policies. The implications of these changes could resonate widely across the financial sector, offering new opportunities for businesses and investors alike.

As Trump’s administration gears up to take office, industry advocates are keenly aware that the efficacy and success of these policy changes will depend largely on how well the various regulatory bodies can unify efforts with industry stakeholders. This council will likely play a crucial role in shaping the future landscape of cryptocurrency regulation in the U.S.

Additionally, with nearly $20.3 billion worth of cryptocurrencies currently held by the U.S. government from seizure operations, the legitimacy and integration of digital assets could help hedge against inflation and assist in alleviating national debt concerns. The idea of using cryptocurrencies as reserves, backed by legislative proposals from figures like Senator Cynthia Lummis, could set a precedent for how the U.S. approaches the emerging digital economy.

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