US President-elect Donald Trump is reportedly preparing to sign an executive order that would classify cryptocurrency as a national priority, potentially as early as his first day back in office on January 20. According to sources familiar with the plans, this order would instruct regulatory agencies to collaborate with the crypto industry and establish a council to represent its interests.
The anticipated directive is not yet finalized and could be revised before its public release. Trump’s campaign received strong support from the crypto sector, and he has pledged to position the United States as a “crypto capital.” At the Bitcoin 2024 conference, Trump reiterated his commitment to this vision.
Reports indicate that Trump’s plans may include reversing a bank accounting policy that demands banks list held cryptocurrencies as liabilities, alongside addressing crypto de-banking issues. A proposal to conduct a comprehensive review of existing crypto regulations and pause ongoing litigation in this space is also under consideration. Discussions are ongoing regarding creating a Bitcoin reserve for government-held assets seized in criminal investigations.
In a related development, industry insiders speculate the Securities and Exchange Commission (SEC) might re-evaluate its stance on ongoing crypto cases, potentially dropping those without fraud charges. This speculation follows Ripple Labs’ assertion that the SEC’s prolonged case against it may be discontinued with the new administration’s arrival.
Additionally, discussions around the potential for the US to maintain a Bitcoin reserve have gained traction. A proposal by Senator Cynthia Lummis suggests the Treasury should acquire one million Bitcoin, a staggering investment influenced by Bitcoin’s current market value. Such reserves are seen by some as potential hedges against inflation and national debt reduction strategies.
Overall, these prospective actions reflect a significant shift in the US government’s engagement with the cryptocurrency industry, signaling potential changes in policy and regulatory frameworks.