Photo: Ryan M. Kelly
Key Takeaways
- Donald Trump plans to prioritize crypto as a key policy area through an executive order.
- The move signals a shift from Biden’s administration’s regulatory approach towards a more supportive stance on crypto.
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President-elect Donald Trump plans to issue an executive order prioritizing crypto as a key policy area, according to a Bloomberg report.
The order could come as early as Monday and would establish a crypto advisory council to incorporate industry perspectives into the administration.
The move represents a departure from President Joe Biden’s administration. During his tenure, over 100 enforcement actions were taken against crypto firms, including high-profile cases involving FTX and Binance.
The administration also implemented policies that restricted crypto companies’ access to banking services.
The planned executive order would require all government agencies to review their digital asset policies and may pause ongoing litigation against firms like Ripple Labs and Binance.
It could also establish a national Bitcoin stockpile, consolidating approximately $20 billion in Bitcoin currently held by the US government from various investigations, according to Arkham Analytics data.
Trump’s support for crypto emerged during his presidential campaign, including his appearance at a Bitcoin conference in July where he pledged to make the US the global crypto leader.
His family has launched crypto initiatives, including World Liberty Financial, focused on crypto earning and borrowing.
According to data from Arkham, World Liberty Financial holds nearly $4 million on Ethereum, $1.9 million on Aave, $1.8 million on Chainlink, and $670,000 on ENA.
The crypto sector expanded under Biden despite regulatory challenges, with major financial institutions like BlackRock and BNY Mellon entering the market.
BlackRock launched spot Bitcoin and Ether ETFs last year, while Cantor Fitzgerald announced plans for a Bitcoin financing business.
The industry plans to host an “Inaugural Crypto Ball” in support of Trump, highlighting crypto’s growing political influence in Washington.
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