Trump's Executive Plans for Cryptocurrency Regulation
Trump’s Agenda for Cryptocurrency
President-elect Donald Trump is set to leverage his executive powers to alleviate regulatory challenges for cryptocurrency companies. His strategy aims to foster digital asset adoption early in his presidency. This initiative underscores his campaign promise to be a "crypto president," establishing a crypto advisory council to guide government policy in this sector.
Formation of a Crypto Advisory Council
A significant move in Trump's plan is the creation of a crypto advisory council. This council, potentially comprising up to 20 members, will advise on crafting crypto-friendly policies. The formation of this council reflects a strategic pivot from previous administrations, signaling strong support for integrating digital assets into the broader financial system.
Rescinding Regulatory Guidance
Trump’s team is contemplating an executive order directing the Securities and Exchange Commission (SEC) to revoke the 2022 accounting guidance known as "SAB 121." This guidance has impeded some banks from holding cryptocurrencies for third parties due to high costs. Easing these restrictions could encourage more traditional financial institutions to engage with cryptocurrencies.
Ending Operation Choke Point 2.0
Another key focus is terminating "Operation Choke Point 2.0." This term describes alleged regulatory actions that have pressured banks to deny services to crypto companies. By ending this practice, Trump aims to integrate crypto firms into the traditional banking system, countering claims by regulatory bodies that such efforts never existed.
Broader Implications for Cryptocurrency Adoption
If executed, these policies could propel cryptocurrencies into mainstream finance, contrasting sharply with the regulatory approach of the Biden administration, which emphasized consumer protection against fraud and money laundering. Trump's plans, however, face criticism over potential risks, highlighted by the legal troubles of major crypto figures.
Future Executive Orders
Cryptocurrency regulation is just one of several issues Trump intends to address through executive orders. His administration is poised to issue numerous directives on diverse topics, including energy and immigration, marking a robust start to his term. This proactive approach aims to swiftly implement policy changes in various sectors.
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