The cryptocurrency industry is urging President-elect Donald Trump to prioritize his promised crypto policy overhaul through executive orders as he assumes office on January 20. Industry leaders hope these orders will push tokens into the mainstream and fulfill Trump’s campaign promise to be a “crypto president.”
Promises from the Campaign Trail
On the campaign trail, Trump actively courted the crypto sector, pledging to champion the industry if elected. His team plans to issue a series of executive orders on day one, addressing a range of issues, including immigration, energy, and cryptocurrency. Industry leaders want Trump to act swiftly by initiating policies such as creating a national bitcoin reserve, ensuring banking access for crypto companies, and forming a dedicated crypto council.
“Given the tenor of the campaign, it’s imperative for executive orders to establish clear priorities on day one and outline a roadmap,” said Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs.
Reversing Biden-Era Crackdowns
President Joe Biden’s administration imposed strict regulations on crypto firms, citing concerns over crime and volatility. Trump has pledged to reverse these policies. His crypto-friendly team includes SEC chair Paul Atkins and White House crypto czar David Sacks. A Trump transition spokesperson said the president-elect is committed to fostering innovation and restoring American leadership in crypto.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation,” the spokesperson added. “President Trump will deliver on his promise.”
Bitcoin as a Strategic Asset
Trump has proposed establishing a strategic bitcoin reserve, a plan first unveiled in July. Bitcoin prices surged to record highs above $107,000 following his reiteration of the idea but later fell below $100,000. Analysts are divided on whether Trump can create this reserve through executive powers or if Congressional approval would be required.
The Bitcoin Policy Institute has already drafted a potential executive order designating bitcoin as a strategic reserve asset. This proposal would direct the Treasury Secretary to allocate $21 billion to build a national bitcoin stockpile. Zack Shapiro, head of policy at the institute, argued this would help the U.S. stay ahead of global rivals in monetizing bitcoin.
Banking Access for Crypto Firms
Trump has also promised to prevent banks from “choking” crypto firms out of the traditional financial system. While an executive order could send a strong signal to regulators, experts caution that such directives may lack legal force since federal bank regulators operate independently.
“They won’t change policy overnight,” said Jonah Crane, partner at Klaros Group. “But it will set the tone for this administration’s priorities.”
Structuring a Crypto Council
Another priority is the establishment of a crypto industry council. Trump’s team is exploring how to structure and staff it, following precedents set by previous administrations. Additionally, an executive order could outline core principles for crypto regulation, akin to Trump’s 2017 order reviewing banking rules.
Industry insiders anticipate at least one crypto-related executive order on January 20, with others potentially following in Trump’s first 100 days. These steps could mark the beginning of a new chapter for cryptocurrency in the U.S., reinforcing Trump’s pledge to lead the nation into a crypto-powered future.