President-elect Donald Trump is reportedly preparing to issue executive orders aimed at fostering a more favorable environment for cryptocurrency firms. These actions are anticipated to occur shortly after he assumes office, marking a significant shift in the regulatory landscape for digital assets.
What Happened: Trump intends to utilize executive powers to ease regulatory burdens on cryptocurrency companies and promote the adoption of digital assets, according to a report by Reuters.
Trump, who has openly supported cryptocurrency, is expected to sign an executive order to establish a crypto advisory council, a concept he initially proposed in July, according to two anonymous sources familiar with the discussions.
Media reports earlier Trump’s plan to create a crypto council, which would provide guidance on crypto-friendly policies.
The council may consist of up to 20 members, as per one source.
Additionally, Trump’s advisers are considering an executive order directing the Securities and Exchange Commission to revoke the 2022 accounting guidance “SAB 121,” which has been costly for some companies, especially banks, to hold cryptocurrencies for third parties.
Trump is also poised to terminate “Operation Choke Point 2.0,” a term used by crypto executives to describe alleged efforts by bank regulators to exclude crypto companies from traditional financial systems. Bank regulators have denied such claims.
If executed, these policy directives could significantly advance cryptocurrency into the mainstream, contrasting with President Joe Biden‘s administration’s strict regulatory stance.
Why It Matters: The potential executive orders align with Trump’s broader strategy to prioritize cryptocurrency as a national focus. Trump plans to declare cryptocurrency a national priority, encouraging government agencies to engage with the growing industry.
This comes as Bitcoin’s BTC/USD market valuation recently surpassed $2 trillion, highlighting the sector’s increasing significance.
Furthermore, cryptocurrency experts are divided on the likelihood of immediate executive orders but remain optimistic about the market’s near-term outlook.
The potential for Trump to mention cryptocurrency during his inauguration speech is also being speculated, with Polymarket traders giving it a 31% chance of happening.
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