President-elect Donald Trump plans to issue an executive order that regards cryptocurrencies as a policy priority and allows industry insiders to speak out within their administration, according to people familiar with the matter.
According to people familiar with the matter, the order is expected to call cryptocurrencies a priority or priority for the country – a strategic wording designed to guide government agencies in partnership with the industry. People who requested anonymous discussion of the undisclosed executive orders said there was also a plan to establish a crypto advisory committee to advocate for industry policy priorities.
Trump enjoys strong support from the cryptocurrency industry, which has the support of a strong political action committee in Washington. In recent months, many companies, including Coinbase and Ripple, have donated to Trump’s inauguration committee. On Friday, the industry will host a “Inauguration Cryptoball” in support of Trump.
The executive order will mark the ocean changes in cryptocurrencies that President Joe Biden has been the target of the investigation after a series of compelling fraud cases, including the bankruptcy of the FTX exchange. In recent years, federal agencies, including the U.S. Securities and Exchange Commission, have filed more than 100 law enforcement lawsuits against the industry, and banking regulators have made it difficult for cryptocurrency companies to work with financial institutions.
The people said the inclusion of the executive order is still being discussed in the discussion, which is a directive for all government agencies to review policies regarding digital assets and may suspend any litigation involving cryptocurrencies. Stop legal actions against a range of companies from Binance Holdings Ltd., the world’s largest crypto exchange, to start a business with Ripple Labs Inc. is a top priority for the industry.
People also say that the establishment of a national Bitcoin inventory that will cover the government’s existing holdings of the world’s largest cryptocurrency. According to analytics firm Arkham, the U.S. government currently holds nearly $20 billion worth of Bitcoin, which has been confiscated as part of various investigations. Bitcoin has gathered nearly 50% to over $100,000 as the November election part hopes to be able to create such inventory. The price of tokens has more than doubled in 2024.
The people warned that executive orders could start on Monday, which is not final and may change before being made public. Trump’s representative did not immediately respond to a request for comment.
Trump vowed to issue a series of executive orders and questions from different industries within his first few days.
“I think what Donald Trump is going to do is show that the United States is back and we are ready to lead the industry,” said Kara Calvert, vice president of U.S. policy at Coinbase Global Inc., the country’s largest cryptocurrency exchange. “Send a signal to other countries to be careful or you won’t keep up.”
Despite Biden’s regulatory setbacks, U.S. crypto firms (Crypto) are still expanding, with major financial firms including Blackrock Inc., the world’s largest asset manager, launching spot bitcoin last year and Funds traded on the Ether Exchange. BNY has been working to expand custody of cryptocurrencies, and Cantor Fitzgerald has announced plans to start a Bitcoin financing business.
Last year, Trump accepted the crypto industry during the presidential campaign. In July, he became the headline of a Bitcoin conference, and he promised to make the United States the world’s crypto capital. The collection of Trump-branded unsensical tokens has been around for several years, and last year he and his sons announced a cryptocurrency effort called World Free Finance that should allow people to make money and borrow cryptocurrencies, But these services have not been provided yet.
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