The cryptocurrency industry is urging President-elect Donald Trump to prioritize his promised overhaul of crypto policies through executive orders as he prepares to take office on January 20. These orders are expected to play a critical role in pushing cryptocurrencies further into the mainstream, according to industry insiders.
Trump’s Crypto-Friendly Campaign Promises
During his campaign, Trump positioned himself as a “crypto president,” making pledges to support the industry. The crypto community is now calling for actions such as:
- Establishing a national bitcoin reserve.
- Ensuring cryptocurrency companies have access to banking services.
- Forming a dedicated crypto council to guide policy.
Industry officials hope at least one executive order will be issued on Trump’s first day in office, with additional measures rolled out within his first 100 days.
Focus on Innovation vs. Regulation
Trump’s incoming administration appears poised to reverse many of the crypto regulations implemented during President Joe Biden’s tenure. Biden’s regulators had focused on combating crime and addressing market volatility, leading to stricter enforcement against crypto firms.
In contrast, Trump’s crypto team is shaping up to be far more supportive of the industry, with appointments like crypto-friendly Paul Atkins as SEC chair and David Sacks as White House “crypto czar.”
“President Trump will deliver on his promise to encourage American leadership in crypto,” said Brian Hughes, a spokesperson for Trump’s transition team.
Market Impact
Trump’s pro-crypto stance has already influenced the market. Bitcoin, the world’s largest cryptocurrency, recently reached an all-time high above $107,000 following Trump’s reiteration of plans to establish a strategic bitcoin reserve. However, the price has since dipped below $100,000.
Industry Outlook
Rebecca Rettig, chief legal and policy officer at Polygon Labs, highlighted the importance of clear and immediate actions. “It would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap,” she said.
While the industry is optimistic about Trump’s pro-crypto agenda, it remains to be seen how these potential executive orders will impact innovation, regulation, and global competitiveness in the cryptocurrency sector.
Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research or consult with a financial advisor before making any investment decisions.
