US President-elect Donald Trump is expected to sign an executive order designating crypto as a national priority that could come as soon as he returns to office on January 20.
Bloomberg reported Jan. 17, citing people familiar with the project, that the order would mean regulatory agencies would be encouraged to work with the industry. It could also create a crypto council to advocate for the industry’s political wishes.
The order could be signed on Jan. 20 — Trump’s first day back as president — but it is not final and could change before it is made public, the report said.
Trump is widely believed to be preparing a first crypto-related executive order, as the local industry has strongly supported his campaign, and the new president has promised that the United States will be a “crypto capital.”
The New York Times also reported on January 16 that crypto executives offered input to Trump’s crypto czar David Sacks on an executive order covering several areas of crypto policy.
Trump addressed the Bitcoin 2024 conference in July, promising to make the United States a “crypto capital of the world.” Source: YouTube
The Washington Post reported on January 13 that Trump is expected to sign executive orders on January 20 covering the banking ban on cryptocurrencies and repealing a bank accounting policy that requires banks holding cryptocurrencies to list the digital assets as a liability.
Bloomberg reported that a directive requiring government agencies to review their crypto policies and freeze crypto-related litigation is still under discussion, as is the creation of a Bitcoin (BTC) reserve allowing the government to hold the assets he seized.
Reuters reported on January 15 that Trump’s Securities and Exchange Commission could review his crypto-related cases and suspend those that do not involve allegations of fraud.
Industry lawyers are also betting that the SEC will soon drop its crypto cases.
Ripple Labs Chief Legal Officer Stuart Alderoty said on Jan. 15 that the agency’s long-standing action against the company was “likely to be dropped by the next administration” after the regulator filed its arguments before a court of appeal.
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Meanwhile, crypto proponents have supported the idea that the United States holds a reserve of Bitcoin, saying it could provide a hedge against inflation and could help alleviate the country’s debt.
Arkham Intelligence data shows the US holds nearly $20.3 billion of various cryptocurrencies seized in criminal investigations – $19.8 billion of that alone is Bitcoin seized.
A bill introduced by Senator Cynthia Lummis called for the Treasury to purchase 1 million BTC, which would cost at least $100 billion, given Bitcoin’s price of around $100,200.
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