The US cryptocurrency industry is urging President-elect Donald Trump to prioritize crypto-related executive actions upon assuming office in January, Reuters.
Industry leaders hope that Trump will fulfill campaign promises to support cryptocurrency innovation by issuing directives aimed at mainstream adoption.
Key priorities for the crypto sector include the creation of a bitcoin stockpile, improved banking access for crypto firms, and the establishment of a dedicated crypto industry council. These measures are part of a broader strategy to reverse regulatory crackdowns seen under President Joe Biden’s administration and position the US as a global leader in cryptocurrency.
“President Trump has promised to encourage American leadership in crypto, and we expect decisive action early in his term,” said Brian Hughes, a spokesperson for Trump’s transition team.
Trump has pledged to issue executive orders across various policy areas on his first day in office, Jan. 20. Crypto industry representatives are pushing for similar action, potentially within his first 100 days. These orders could include designating bitcoin as a strategic reserve asset and tasking the Treasury Department with building a national bitcoin stockpile.
The Bitcoin Policy Institute has even drafted a sample executive order, proposing that the Treasury Secretary allocate $21 billion over a year to establish such a reserve. Zack Shapiro, the institute’s head of policy, emphasized the urgency of staying ahead of geopolitical competitors in bitcoin monetization.
Trump has also indicated plans to ensure crypto firms have access to traditional banking services, a longstanding industry concern. However, financial experts caution that executive orders might not have immediate legal effects on independent federal bank regulators.
“Executive orders can set a tone and signal priorities but won’t necessarily translate to instant changes in policy,” said Jonah Krane, a partner at financial advisory firm Klaros Group.
The crypto industry is also advocating for regulatory reforms, arguing that current frameworks are outdated and unsuitable for digital assets. Trump’s administration may issue an order directing agencies to revisit crypto-related rules, mirroring his 2017 directive to review banking regulations.
Another anticipated measure is the creation of a crypto industry council to facilitate communication between government and the private sector. Previous administrations have used executive orders to establish similar advisory bodies.
Trump’s pro-crypto stance has already had market effects, with bitcoin recently reaching new highs above $107,000 before retreating.
