bitcoin

 Donald Trump’s Crypto Initiative: Executive Order to Prioritize Cryptocurrency, May Form Advisory Council

President-elect Donald Trump is preparing to issue an executive order that will elevate cryptocurrency as a key policy concern and provide industry leaders with a platform within his administration, according to sources familiar with the matter.

According to a Bloomberg report, Trump aims to make cryptocurrency a national priority through this executive order, ensuring that experts from the sector have representation in his administration.

As part of the initiative, Trump is also expected to establish a crypto advisory council to focus on advancing the industry’s interests.

The incoming US President, who is set to begin his second term in office, has been an outspoken supporter of the cryptocurrency sector. He has also received substantial financial backing from companies operating in this space.

Several crypto firms, including Coinbase and Ripple, have contributed to Trump’s inaugural committee. Additionally, the industry is organizing an event titled the “Inaugural Crypto Ball” in his honor on Friday.

Trump’s executive order on cryptocurrency signifies a major shift from the approach taken under the Biden administration, which subjected the sector to intense scrutiny due to multiple high-profile fraud cases, including the collapse of the FTX exchange.

Federal agencies, including the Securities and Exchange Commission (SEC), have initiated over 100 enforcement actions against cryptocurrency-related businesses.

Trump’s Crypto Policy Shift

Discussions regarding the order are still ongoing, and it may include directives for all federal agencies to reassess their policies on digital assets and potentially halt ongoing litigation against crypto firms, according to reports. A major goal for the sector is to prevent legal action against Binance Holdings Ltd., the world’s largest cryptocurrency exchange, as well as startups like Ripple Labs Inc.

Another idea being considered is the creation of a national Bitcoin reserve. Currently, the US government holds nearly $20 billion worth of Bitcoin, seized during various investigations. Following Trump’s victory in November, Bitcoin prices surged by almost 50%, crossing the $100,000 mark.

Concerns have been raised about the implications of this executive order, which could be officially announced as early as Monday.

“What I believe Donald Trump intends to do is send a message that the United States is prepared to lead the cryptocurrency sector,” said Kara Calvert, Vice President for US Policy at Coinbase Global Inc., in an interview with Bloomberg. “This move signals to other nations that they need to act swiftly or risk falling behind.”