Donald Trump’s First Day in Office: A Potential Crypto-Related Executive Order

President-elect Donald Trump is poised to issue a crypto-related executive order within the opening hours of his second term, sources familiar with the matter told Decrypt—and it’s likely just the first of many to come.

Trump’s first crypto executive order is expected to establish a presidential crypto council, made up of around 20 industry leaders—likely all founders and CEOs, one source said. The order is also likely to instruct the SEC to ditch a rule known as SAB 121 that discourages American banks from holding crypto, two sources said.

What’s in the First-Day Executive Order?

The first-day executive order is expected to be a targeted order, focusing on a specific area of the crypto space. It may instruct the SEC to repeal SAB 121, which was passed by Congress last spring but vetoed by President Joe Biden.

What’s in the Drafted Executive Orders?

Trump’s transition team floated a draft of a much more comprehensive crypto executive order in the weeks following November’s presidential election, sources told Decrypt. This order is expected to address more complex issues, such as:

• Instructing the CFTC and the SEC to establish a crypto working group to get on the same page about digital assets.
• Ordering the SEC to rescind its controversial exchange rule, which targets decentralized finance projects.
• Directing the U.S. Secretary of State to coordinate internationally on the fostering of crypto-related innovation.

What’s the Plan for the Next Few Weeks?

Sources familiar with the matter say that Trump intends to issue broad and sweeping guidance that will benefit the cryptocurrency industry, but say it will likely take more time to get those reforms across the finish line given the massive stack of executive orders awaiting his attention.

Conclusion

As the world waits with bated breath for the first day of the new administration, it’s clear that President-elect Trump has a busy agenda ahead of him. With a potential crypto-related executive order on the horizon, the crypto community is eagerly anticipating the next move.

FAQs

Q: What is the purpose of the proposed executive order?

A: The purpose of the proposed executive order is to establish a presidential crypto council and instruct the SEC to repeal SAB 121, which discourages American banks from holding crypto.

Q: What is SAB 121?

A: SAB 121 is a rule that discourages American banks from holding crypto. It was passed by Congress last spring but vetoed by President Joe Biden.

Q: What is the significance of the proposed executive order?

A: The proposed executive order is significant because it has the potential to bring clarity and stability to the crypto market. It also demonstrates the administration’s commitment to supporting the growth of the crypto industry.

Q: What is the timeline for the proposed executive order?

A: The proposed executive order is expected to be issued within the opening hours of the new administration. However, the timeline for the implementation of the reforms may take longer, given the massive stack of executive orders awaiting the president’s attention.