Trump's Crypto Policy and Executive Orders

Trump's Crypto Agenda

The cryptocurrency industry is urging President-elect Donald Trump to fulfill his campaign promises by initiating a crypto policy overhaul. Industry officials are advocating for executive orders that could propel tokens into the mainstream. Trump, who has promised to be a "crypto president," is expected to issue several executive directives, addressing various sectors including crypto, on his first day in office.

Executive Orders and Industry Expectations

Trump's team is being encouraged to implement executive orders within the first 100 days, with expectations that some could be issued on January 20. These orders may include creating a bitcoin stockpile, facilitating access to banking services for the crypto sector, and establishing a crypto council. Trump's crypto policy team is forming, featuring figures like Paul Atkins as SEC chair and David Sacks as the White House crypto czar.

Strategic Bitcoin Reserve Proposal

A significant proposal under consideration is the creation of a strategic bitcoin reserve. Bitcoin, experiencing fluctuating prices, was part of Trump's strategic plan unveiled earlier. The Bitcoin Policy Institute has drafted a potential executive order to designate bitcoin as a strategic reserve asset, urging the Treasury to allocate $21 billion over a year to build a national bitcoin stockpile. This initiative aims to position the U.S. ahead of international competitors in bitcoin monetization.

Challenges with Banking and Regulation

Trump has expressed intentions to prevent banks from excluding crypto firms, potentially addressing this through executive orders. Despite regulatory scrutiny, banks are technically free to engage with compliant crypto firms. While executive orders may signal support for crypto, their legal impact on independent federal bank regulators may be limited.

Formation of a Crypto Industry Council

Discussions are underway about forming a crypto industry council through executive orders, a strategy used in previous administrations. Trump may also address regulatory inadequacies with an order outlining core principles for crypto regulation, similar to his 2017 banking rule review directive.

The cryptocurrency industry eagerly anticipates Trump's administration's moves to foster innovation and leadership in the digital currency landscape.