Photo: Ryan M. Kelly
Important takeaways
- Donald Trump plans to prioritize crypto as a key policy area through an executive order.
- The move signals a shift away from the Biden administration’s regulatory approach toward a more supportive stance toward crypto.
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 companies, including high-profile cases involving FTX and Binance.
The administration also implemented policies that limited crypto companies’ access to banking services.
The planned executive order would require all government agencies to review their digital asset policies and could pause ongoing litigation against companies such as Ripple Labs and Binance.
It could also establish a national Bitcoin repository, consolidating around $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 promised to make the US the global crypto leader.
His family has launched crypto initiatives, including World Liberty Financial, focused on crypto income and loans.
According to data from Arkham, World Liberty Financial has almost $4 million in Ethereum, $1.9 million in Aave, $1.8 million in Chainlink, and $670,000 in ENA.
The crypto sector expanded under Biden despite regulatory challenges, with major financial institutions such as 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.
