As President-elect Donald Trump prepares to take office on January 20, the cryptocurrency industry is calling on his administration to deliver on campaign promises to overhaul crypto policies.
A recent Reuters report stated that industry officials are pushing for immediate executive orders to propel digital assets into the mainstream.
The proposed measures include creating a national bitcoin stockpile, ensuring banking access for crypto firms, and establishing a dedicated crypto council.
Executive Orders to Shape Crypto’s Future
According to reports, Trump, who campaigned as a “crypto president,” plans to issue executive orders across various sectors, including energy and immigration, on his first day in office.
Industry advocates are urging him to include critical crypto-related reforms within his first 100 days. Some insiders suggest that at least one crypto-focused executive order could be unveiled on January 20.
Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs said, “Given the tenor of the campaign, 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,” Rettig stated.
Reversing Biden-Era Policies
The industry sees Trump’s presidency as a chance to reverse restrictive policies implemented under President Joe Biden. Biden’s administration intensified regulatory scrutiny on crypto firms, citing concerns over crime and market volatility.
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In contrast, Trump has pledged to encourage innovation and support the cryptocurrency sector.
Trump’s transition team has already hinted at a pro-crypto agenda, appointing Paul Atkins, a crypto-friendly former SEC chair, and David Sacks as the White House crypto czar.
A spokesperson for Trump’s team said, “There has been an effort in the Washington bureaucratic swamp to stifle innovation… but President Trump will deliver on his promise to encourage American leadership in crypto.”
The Push for a National Bitcoin Reserve
One of the more ambitious proposals involves designating Bitcoin as a strategic reserve asset. The Bitcoin Policy Institute has drafted a potential executive order that would instruct the Treasury Secretary to allocate $21 billion over a year to build a national Bitcoin reserve.
Zack Shapiro, Head of Policy at the Bitcoin Policy Institute, argued that the U.S. must act quickly to stay ahead of geopolitical rivals. “The United States should get ahead of monetizing Bitcoin, rather than have the price run-up without the United States having any reserves,” Shapiro said.
However, questions remain about whether such a move could be implemented through executive powers or if congressional approval would be necessary.
The crypto sector views Trump’s presidency as a pivotal moment to solidify the U.S.’s leadership in digital finance. The creation of a national bitcoin stockpile and policies ensuring banking access for crypto companies could enhance the sector’s credibility and integration into the broader economy.
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