US Crypto Industry Eyes Possible Day-One Trump Executive Orders
The Wishlist
The US crypto industry is anticipating pro-crypto executive orders from President-elect Donald Trump as soon as his first day in office as a roadmap, according to Reuters.
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.”
Trump’s promises to embrace crypto and position the US as a global leader in the sector have sparked excitement among crypto advocates, who see his administration as a chance to reverse regulatory crackdowns and foster innovation.
He recently nominated pro-crypto Stephen Miran and Bo Hines to the economic and digital assets councils. Additionally, Trump chose another pro-crypto name, Paul Atkins, as the new chairman of the US Securities and Exchange Commission (SEC).
The Crypto Industry’s Priorities
According to the report, the crypto sector has outlined key priorities it hopes Trump will address through executive orders. The first is the Bitcoin (BTC) Strategic Reserve, which would establish a national strategic reserve of BTC worth up to $21 billion.
However, according to some analysts, the Bitcoin reserve plan is the least likely executive order to be concretized on day one.
Another item on the crypto industry’s list is making it easier for crypto firms to access banking services in the US. As letters published by Coinbase’s chief legal officer, Paul Grewal, revealed, the Federal Deposit Insurance Corporation (FDIC) was urging banks to avoid or halt the offering of crypto-related services.
Regarding this item, Klaros Group partner Jonah Krane assessed:
“(They) are not going to change policy on the ground on day one. But they will tell you what direction this administration wants to head.”
The last item is the creation of a coordinated council to foster the growth and regulation of the crypto industry in the US. The first step was the nomination of David Sacks to lead crypto and artificial intelligence regulation.
Insider Insights
Insiders believe these measures would send a strong signal to the market and solidify Trump’s pledge to be a “crypto president.” Notably, this would sharply contrast with President Joe Biden’s current administration.
Brian Hughes, a Trump transition team spokesperson, said in a statement:
“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.”
Conclusion
The US crypto industry is eagerly awaiting potential executive orders from President-elect Donald Trump, which could shape the future of the sector. With Trump’s promises to embrace crypto and position the US as a global leader, the industry is hoping for a pro-crypto agenda that will reverse regulatory crackdowns and foster innovation.
FAQs
Q: What are the key priorities the crypto industry hopes Trump will address through executive orders?
A: The key priorities include the Bitcoin (BTC) Strategic Reserve, making it easier for crypto firms to access banking services in the US, and the creation of a coordinated council to foster the growth and regulation of the crypto industry in the US.
Q: What is the likelihood of the Bitcoin reserve plan being concretized on day one?
A: According to some analysts, the Bitcoin reserve plan is the least likely executive order to be concretized on day one.
Q: Who has been nominated to lead crypto and artificial intelligence regulation?
A: David Sacks has been nominated to lead crypto and artificial intelligence regulation.
Q: What is the stance of the Federal Deposit Insurance Corporation (FDIC) on crypto-related services?
A: The FDIC has been urging banks to avoid or halt the offering of crypto-related services.
Q: What is the goal of the coordinated council to foster the growth and regulation of the crypto industry in the US?
A: The goal is to foster the growth and regulation of the crypto industry in the US and provide a roadmap for the sector.
