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Trump to Make Crypto a National Priority with Executive Order: Report

Highlights:

  • Donald Trump plans an executive order to make cryptocurrency a national policy priority.
  • The order could create a national Bitcoin reserve with $20 billion in assets.
  • Trump’s administration might halt ongoing legal actions against crypto companies.

Bloomberg reported on Jan. 16, citing people familiar with the plans, that US President-elect Donald Trump intends to issue an executive order to make cryptocurrency a national policy priority. The order is expected to urge regulators to collaborate with the cryptocurrency sector and establish an advisory council. This council would allow industry participants to voice concerns and provide recommendations.

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Donald Trump’s Executive Order on Cryptocurrency

The order might be signed on January 20, Trump’s potential first day back as president. However, according to the report, it’s not finalized yet. The local industry, which strongly supported his campaign, is anticipating this move, especially after he promised to make the US a “crypto capital.”

This move marks a shift from President Joe Biden’s administration. Under Biden, over 100 enforcement actions were taken against crypto firms, including major cases like FTX and Binance. The administration also enforced policies that limited crypto companies’ access to banking services.

The proposed executive order would instruct government agencies to reassess their digital asset policies and might halt ongoing legal actions against companies. It could also create a national Bitcoin reserve, combining around $20 billion in Bitcoin held by the US government from various investigations, according to Arkham Analytics. 

Trump’s backing of crypto became clear during his presidential campaign. He appeared at a Bitcoin conference in July, where he promised to make the US a global crypto leader. His family has also entered the crypto space. They launched World Liberty Financial, which focuses on crypto earning and borrowing.

Optimism Around the Upcoming Trump Administration

On January 16, The New York Times reported that crypto executives provided feedback to Trump’s crypto czar, David Sacks. They discussed an executive order covering various aspects of crypto policy. On January 15, Reuters reported that the SEC may reassess its ongoing cases against crypto firms shortly after Donald Trump’s inauguration. The commission could pause litigation involving securities law violations, excluding cases related to fraud allegations.

Moreover, the Washington Post mentioned on January 13 that Trump is likely to sign executive orders on January 20. These orders may tackle “de-banking” and Staff Accounting Bulletin 121 (SAB 121), which requires crypto firms to list customer crypto holdings as liabilities. Introduced by the SEC in March 2022, SAB 121 faced repeal efforts last year. Despite bipartisan support, President Biden rejected it. Trump’s administration is expected to address the issue immediately.

On January 15, Stuart Alderoty, Ripple Labs’ chief legal officer, stated that the SEC would likely drop its case against the firm. The regulator recently filed arguments with an appeals court.

Bitcoin Price Soars Above $101K as Trump’s Crypto National Priority Plan Breaks

The crypto market hit a $3.57 trillion valuation today, overtaking Apple’s $3.5 trillion. It grew by 1.90% in 24 hours, with trading volume steady at $152 billion. At the time of writing, Bitcoin was trading at $101,185, showing a 1.62% increase in the past 24 hours. Its market capitalization climbed to $2 trillion, showcasing optimism about Trump’s inauguration. Meanwhile, other cryptocurrencies are showing gains today.

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