Crypto Industry Awaits Trump’s Day-One Executive Orders to Transform Landscape

The cryptocurrency industry is eagerly anticipating a series of executive orders from President-elect Donald Trump on his first day in office, aimed at reshaping the crypto landscape. Industry officials are pushing for these directives to help mainstream cryptocurrencies and fulfill Trump’s campaign promises.

Key Takeaways

• Trump plans to issue multiple executive orders on various issues, including cryptocurrency, on January 20.
• The crypto industry is advocating for a bitcoin stockpile and improved banking access.
• Trump's administration is expected to reverse the regulatory stance of the Biden administration.

Anticipated Executive Orders

As Trump prepares to take office, the cryptocurrency sector is hopeful that he will deliver on his campaign promise to be a "crypto president." Industry insiders are urging him to prioritize the following initiatives:

1. Creation of a Bitcoin Stockpile: Establishing a national reserve of bitcoin to bolster the U.S. position in the global crypto market.
2. Access to Banking Services: Ensuring that cryptocurrency companies can access essential banking services, which has been a significant hurdle under previous regulations.
3. Formation of a Crypto Council: Setting up a dedicated council to oversee and guide cryptocurrency policy and innovation.

The Shift in Regulatory Approach

Under President Joe Biden, the regulatory environment for cryptocurrencies has tightened, with increased scrutiny and enforcement actions against crypto companies. However, Trump’s administration is expected to take a different approach, focusing on fostering innovation and growth in the sector.

Brian Hughes, a spokesperson for Trump’s transition team, emphasized the need to encourage American leadership in cryptocurrency, stating, "There has been an effort in the Washington bureaucratic swamp to stifle innovation... but President Trump will deliver on his promise."

Market Reactions

The anticipation of Trump’s executive orders has already impacted the cryptocurrency market. Bitcoin, the largest cryptocurrency, recently reached new heights above $107,000, driven by optimism surrounding Trump’s plans. However, it has since retreated below the $100,000 mark, reflecting the volatility inherent in the crypto market.

Legislative Considerations

While the crypto industry is hopeful for swift action from Trump, there are questions about the feasibility of some proposals. Analysts are divided on whether Trump can use executive powers to create a bitcoin reserve or if congressional approval will be necessary.

One proactive group, the Bitcoin Policy Institute, has even drafted a potential executive order that would designate bitcoin as a strategic reserve asset. This draft suggests that the Treasury Secretary should allocate $21 billion over a year to build a national bitcoin stockpile.

Conclusion

As the crypto industry awaits Trump’s inauguration and the potential for transformative executive orders, the focus remains on how these changes could reshape the regulatory landscape and promote the adoption of cryptocurrencies in the United States. The coming weeks will be crucial in determining the future direction of U.S. crypto policy and its implications for the global market.

Sources

• US crypto industry eyes possible day-one Trump executive orders, Yahoo.