President-elect Donald Trump is no longer just nodding at crypto — he’s tantalizingly close to putting it front and center in his government’s to-do list.
According to Bloomberg, 47 could put out an executive order on crypto as soon as 20 January, his first day back in the Oval Office.
The order will make crypto a national priority, giving the industry an unprecedented place in federal policy-making, the report said, citing unnamed people familiar with the plans.
Bitcoin shot up 2% on the news to more than $102K a token, data from CoinGecko shows.
Under President Joe Biden, crypto floundered amid regulatory chaos. Gary Gensler’s SEC unleashed a barrage of lawsuits, and banking regulators slammed the door on partnerships.
Trump has signaled a complete 180, nominating pro-crypto allies like Paul Atkins for SEC chair and David Sacks as his crypto and AI czar.
MONIIFY has reached out to the Trump team for a comment.
The finer details of the executive order haven’t been disclosed but it’s expected to include the creation of a crypto advisory council, a directive to review existing policies and even a pause on lawsuits targeting firms like Coinbase and Ripple.
Trump might also greenlight a federal Bitcoin stockpile – a promise to HODL BTC from his campaign trail last year.
It isn’t clear whether Trump’s order would revoke or complement Biden’s executive order from 2022.
If these moves happen, the crypto world could be entering its main character era after years on the sidelines.
“DC has generally not taken crypto seriously because it is miniscule in comparison to the US financial system,” says Brian Yeoh, a former regulator based in Singapore. Making crypto a national priority will “anchor the industry in the US.”
Read more: Inside Trump’s push to make crypto great again
So, let’s take a closer look at what these policies would actually mean:
HODL Bitcoin, officially
Trump first floated the idea of a national Bitcoin stockpile during a Nashville conference back on the campaign trail in July. The plan? “To keep 100% of all the Bitcoin the US government currently holds,” Trump said at the time.
Backing him up is Senator Cynthia Lummis, who introduced the BITCOIN Act. If passed, the law will create a Strategic Bitcoin reserve under the US Treasury to help strengthen the dollar and fight inflation.
Reports vary, but Arkham Intelligence pegs the current US stash at around 200,000 BTC — which would be worth over $20 billion as of 17 January.
Crypto dream team
Trump’s decision to appoint Sacks to create a crypto legal framework is just the start. Industry executives are now scrambling for a seat on the crypto advisory council.
Names like Circle’s Jeremy Allaire, Crypto.com’s Kris Marszalek, Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse have surfaced, with many reportedly meeting Trump at Mar-a-Lago in recent weeks.
There’s also talk that Charles Hoskinson, founder of the Cardano blockchain, is being considered as a crypto policy advisor.
The council is expected to include about two dozen crypto CEOs and founders, according to reports.
Read more: Trump’s crypto + AI dream team is taking its final boss form
Regulation
Under Gensler, who became SEC chair in 2021, the agency pursued over 100 enforcement actions against crypto firms, including Binance, Coinbase and Ripple. Gensler, who announced his resignation in November, will officially step down on the day of Trump’s inauguration.
Crypto proponents are optimistic that the new SEC chair will take a more open and collaborative approach toward the industry.
Not everyone’s convinced, though. PitchBook notes that while crypto sentiment has surged post-election, the public shouldn’t expect massive changes.
“We don’t believe the new administration will bring any groundbreaking crypto policy,” PitchBook analyst Robert Le tells MONIIFY .
(This story was updated throughout.)
Edited by Ankush Chibber and Lin Noueihed. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
