President-elect Donald Trump is preparing to release an executive order establishing digital assets as a policy priority and giving industry insiders a voice in his administration.
According to individuals who requested anonymity to discuss an executive order that has not been publicly released, the incoming administration is also expected to establish a crypto advisory council to advocate for the industry’s policy priorities.
Trump’s incoming administration is expected to favor their stance on cryptos
In a recent interview, Ron Hammond, senior director of government relations at the Blockchain Association, said that such a crypto council would consist of crypto executives, with individual firms responsible for selecting their representatives.
Trump’s incoming administration, slated to begin next Monday, is expected to favor their stance on cryptocurrencies. It is unclear whether a crypto executive order will come to fruition on the day of Trump’s inauguration or within the first week.
The Washington Post reported on Monday that one of Trump’s forthcoming executive orders might involve repealing the U.S. Securities and Exchange Commission’s contentious crypto accounting guidance, SAB 121.
The President-elect is also open to establishing an “America-first” strategic reserve that prioritizes coins founded in the U.S., such as USDC, SOL, and XRP. Trump notes that he intends to form a strategic crypto reserve to position the nation as the leader of the crypto sector.
Trump vows to lead the crypto industry with bold initiatives
In his first days in office, Trump has pledged to issue a series of executive orders addressing various sectors and issues. Kara Calvert, vice president for US policy at Coinbase Global Inc., the nation’s largest cryptocurrency exchange, said:
“What I think Donald Trump is going to do is signal that the United States is back and ready to lead in this industry. What it’s signaling to other countries is be careful, or you won’t keep up.”
~ Kara Calvert
Despite regulatory hurdles under Biden, the US crypto industry expanded, with major financial firms, including BlackRock Inc., the world’s largest asset manager, launching spot Bitcoin and Ether exchange-traded funds last year. BNY Mellon has been working to grow its crypto custody services, and Cantor Fitzgerald announced plans to launch a Bitcoin financing business.
Trump supported the crypto industry during his presidential campaign last year. In July, he headlined a Bitcoin conference, pledging to make the US the crypto capital of the world. Trump-branded collections of non-fungible tokens have been released for several years, and last year, he and his sons announced a crypto venture called World Liberty Financial, designed to enable people to earn and borrow crypto. However, it has yet to deliver those services.
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