It’s anticipated that President Trump will announce an executive order concerning cryptocurrency by January 20th. The intention behind this order is to establish a Bitcoin deposit and enhance existing regulatory frameworks.
There’s been a call from the cryptocurrency sector for President Trump to issue an executive order in his initial 100 days, suggesting three key points:
1. Establishing a U.S. Bitcoin Reserve.
2. Providing crypto firms with access to traditional banking services.
3. Creating a committee dedicated to providing advice on cryptocurrencies.
According to Reuters, it’s anticipated that at least one executive order might be unveiled on January 20.
On his inaugural day, President Trump plans to issue numerous executive orders, addressing topics like immigration and energy. However, the cryptocurrency industry is eagerly anticipating actions specific to them. Throughout his campaign, Trump referred to himself as a “crypto president.” While he made this promise, the crypto community now hopes that he will follow through by taking steps such as acquiring bitcoin, improving banking options for crypto businesses, or establishing a crypto advisory board.
According to Rebecca Rettig of Polygon Labs, it’s crucial for the incoming administration to establish definite priorities. She argues that executive orders should serve as a roadmap for the future, providing swift actions that foster expansion and technological advancements within the cryptocurrency sector.
Experts Expect Trump to Set Direction for Crypto Regulations
Opponents of cryptocurrency companies under President Biden, due to worries about crime and instability, have enacted measures against these firms. However, Trump has pledged to alter this stance. His growing crypto team is becoming more defined. Key figures like Paul Atkins, who supports the crypto industry as the potential SEC chair, and David Sacks, White House’s crypto advisor, are significant appointments in shaping a more crypto-friendly administration.
Following Trump’s repeated proposal for a strategic Bitcoin reserve, the cryptocurrency reached an all-time high of over $108,000 just recently. However, its price has since dropped below $95,000. Still, many find the idea of a Bitcoin Reserve appealing. With his legislative agenda stalled in Congress, opponents speculate that Trump may utilize executive powers to establish this reserve. Some even suggest that Congress might need to give their approval for it.
The Bitcoin Policy Institute has proposed a potential executive order, which suggests that Bitcoin should be classified as a strategic national reserve asset. If this order is implemented, the Treasury Secretary would need to invest $21 billion to accumulate Bitcoin reserves for the country. Zack Shapiro, the head of the institute, emphasizes the urgency for the U.S. to act swiftly in securing Bitcoin before other nations do so.
Trump has additionally pledged support for cryptocurrency businesses in obtaining traditional banking services. Some anticipate that he might even instruct his administration to comply with this as well. The complexities of regulation often hinder crypto companies from securing banking services. Executives speculate that Trump’s directive could alleviate these difficulties.
A presidential executive order might provide guidance for cryptocurrency regulation, but it’s important to note that this doesn’t mean immediate changes will occur. Analogous to a 2017 directive concerning banking regulations, experts speculate that President Trump could issue orders outlining the path forward for crypto rulemaking. The crypto sector remains hopeful that Trump’s administration might offer the backing they require to expand.
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2025-01-10 10:50