Trump Plans to Designate Cryptocurrency as a National Priority
President-elect Donald Trump is reportedly preparing to sign an executive order focused on cryptocurrency, signaling a potential turning point for the digital asset industry. According to Bloomberg, the order could be unveiled as early as Monday, January 22, 2025. This move is expected to elevate cryptocurrency to a top policy priority within the new administration.
The executive order is anticipated to encourage collaboration between government agencies and the crypto industry, labeling digital assets a “national imperative or priority.” Sources familiar with the plan suggest the initiative will include measures to streamline crypto policies and promote industry-friendly regulations. Trump’s transition team has not yet commented on these reports.
The timing of this executive order coincides with a major leadership shift at the Securities and Exchange Commission (SEC). Gary Gensler, who spearheaded the Biden administration’s crackdown on crypto, is set to step down on Inauguration Day. This change has fueled speculation that Trump’s order will focus on reversing restrictive measures and fostering innovation in the crypto space.
One key element of the executive order is the creation of a crypto advisory council. This body would provide industry leaders with direct access to the White House, ensuring their concerns and proposals are heard. Such a council aligns with Trump’s campaign promise to prioritize the voices of crypto executives in shaping policy.
Additionally, the order could mandate a comprehensive review of existing government policies on digital assets. Departments may be instructed to pause ongoing litigation involving crypto firms, a move that could offer relief to companies currently entangled in regulatory disputes. This gesture is seen as a step toward reducing the legal uncertainty that has plagued the industry.
Kristin Smith, CEO of the Blockchain Association, described the executive order as a potentially transformative development. In an email statement, she emphasized the importance of the directive’s tone, stating, “As the most pro-crypto president in history, President-elect Trump has a chance to tell the federal government: crypto is something we should embrace, not punish.”
Trump’s evolving stance on cryptocurrency has been a notable feature of his political resurgence. Once a skeptic of Bitcoin, he has since embraced digital currencies, launching his own crypto venture and pledging to establish a national Bitcoin reserve. His commitment to a regulatory framework supportive of innovation has resonated with many in the industry.
High-profile meetings with crypto executives further highlight the sector’s growing influence. Ripple CEO Brad Garlinghouse met with Trump in person earlier this month, while Coinbase CEO Brian Armstrong reportedly spoke with him after the November election. These connections suggest a strategic effort to integrate industry perspectives into the administration’s policy framework.
Trump’s cabinet appointments have also signaled a pro-crypto direction. Elon Musk, known for his support of digital innovation, has been tapped to lead the Department of Government Efficiency. Meanwhile, Paul Atkins, a financial regulator with libertarian leanings, is set to chair the SEC, further underscoring the administration’s crypto-friendly approach.
This executive order, if enacted, could mark a significant departure from the previous administration’s policies. Industry leaders are optimistic that it will foster a more supportive environment for innovation and investment in digital assets. However, the full implications of the order will depend on its specific provisions and the willingness of government agencies to implement them effectively.
As the cryptocurrency sector awaits further details, the potential impact of Trump’s executive order on the industry remains a hot topic of discussion. For now, it represents a clear signal that the incoming administration views digital assets as a critical component of the nation’s economic future.
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