As the inauguration approaches, members of the cryptocurrency industry are eagerly looking forward to a series of digital asset-friendly executive actions at the dawn of the second Trump administration.
Above all, an executive order prompted regulators, including the Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission to build a framework for digital asset policies by collaboration. While the decision on how crypto assets will ultimately depend on Congress, the executive order may prompt institutions to propose research that drives the issue. From Coinbase Global Inc. to Ripple Labs, the industry’s largest companies have long advocated clear regulatory guidelines for digital assets only.
President-elect Donald Trump is supporting his regulatory leaders, including former SEC Commissioner Paul Atkins, chairman of major securities industry regulators and Scott Bayson Scott Bessent serves as Finance Minister. He also introduced a new role: Artificial Intelligence and Crypto Tsar, a seat held by David Sachs, general partner of Venture’s company Craft Venture and David Sachs, co-founder of Paypal Holdings Inc.
“These people will eventually make policies,” said Ari Redbord, global policy and government head of blockchain intelligence firm TRM Labs. “They know that you need to use the needle as a regulator to enable legitimate users in an open financial system,” said Ari Redbord, head of global policy and government at TRM Labs. Between the privacy of legitimate users, but at the same time blocking bad actors and ensuring consumer protection. ”
The increased clarity will align with the push from the cryptocurrency industry to enable wider access to banking services. In the Biden administration, regulators issued a statement warning banks about the risks posed by digital asset companies. Crypto-friendly bank signatures and Silvergate closed in 2023 concerns that banks won’t deal with cryptocurrency companies.
“The level of regulatory competition environment between the banking and crypto sectors and clear provisions of crypto-related products and services will provide a safer environment for consumers and the financial system,” the U.S. said in a statement Friday.
The departure of FDIC Chairman Martin Gruenberg, scheduled to be the day before Trump’s inauguration on January 20, is the reason critics celebrate, saying his agency targets cryptocurrencies. Travis Hill, vice chairman of Federal Deposit Insurance, is one of two Republicans on the FDIC’s board of directors, is expected to take over Glenberg’s seat.
“I also want the FDIC to adopt a more open approach to innovation and technology adoption while still promoting core security and sound principles,” Hill said in a recent speech.
Another focus of the industry is to relax the Employee Accounting Notice No. 121 (SAB 121), which basically require banks to consider their clients’ crypto charges as themselves. As these assets are listed effectively on their balance sheets, banks need to maintain higher levels of capital.
Trump plans to designate cryptocurrency as a national priority
Bloomberg reported on Thursday that Trump plans to issue an executive order that makes cryptocurrencies a policy priority and voices to industry insiders within his administration. 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.
“We are hopeful and optimistic about the strong leadership of the incoming government, making it clear that cryptocurrency is what we should encourage and encourage in the United States,” said Kristin Smith, CEO of the Blockchain Association. Hug things, not driving away.”
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