The cryptocurrency sector is urging President-elect Donald Trump’s administration to initiate his proposed overhaul of crypto policies as he assumes office this month. Industry representatives are advocating for executive orders that would facilitate the mainstream adoption of digital tokens.
According to reports from Reuters, Trump intends to issue numerous executive orders and directives on various issues, including immigration and energy, on his first day in office, January 20.
During his campaign, Trump attracted the support of the crypto community by promising to be a “crypto president.” The industry is now looking for him to fulfill that commitment through executive orders aimed at establishing a bitcoin reserve, ensuring access to banking services for the sector, and forming a crypto advisory council.
Advocates are pushing for these executive actions to be implemented within Trump’s first 100 days, with expectations that at least one could be announced on January 20, as indicated by two sources familiar with the situation.
In contrast to the regulatory approach taken by President Joe Biden’s administration, which has imposed restrictions on crypto firms due to concerns over crime and market volatility, Trump has vowed to take a different path. His crypto policy team is beginning to take shape, highlighted by the recent appointment of pro-crypto Securities and Exchange Commission chair Paul Atkins and White House crypto advisor David Sacks.
Experts remain divided on whether Trump could leverage executive authority to create a bitcoin reserve, potentially through the Treasury Department, or if legislative action would be required. The Bitcoin Policy Institute, one industry organization, has even drafted a potential executive order for Trump to establish such a reserve.
Last July. 2024, Trump stated that he would not permit banks to “choke” cryptocurrency companies out of the conventional financial system. Some industry leaders anticipate that he may tackle this concern through an executive order. Cryptocurrency firms have consistently voiced their frustrations regarding banks’ reluctance to engage with them, citing regulatory pressures as a primary reason. However, regulators maintain that banks are at liberty to extend loans to crypto companies that comply with legal requirements.
