US Crypto Industry Awaits Trump’s Potential Executive Orders to Reshape Regulatory Landscape

US Crypto Industry Eyes Trump’s Day-One Executive Orders

As President-elect Donald Trump prepares to take office on January 20, the cryptocurrency industry is anxiously awaiting his promised crypto policy overhaul. Insiders are hoping he will use his first day in office to issue a series of executive orders that would dramatically reshape the regulatory landscape for cryptocurrencies.

These orders could lay the groundwork for a new era of crypto regulations, including measures to mainstream digital currencies like Bitcoin. The push for reform has grown louder as the US crypto industry faces regulatory uncertainty under the Biden administration. Companies and stakeholders are now urging Trump to deliver on his campaign promise by signing executive orders that would introduce key changes to the industry’s structure.

The primary goals are clear: creating a national Bitcoin stockpile, providing easier access to banking services for crypto companies, and establishing a dedicated crypto council to ensure smooth industry operations. These initiatives, if realized, would serve as a foundational shift in how cryptocurrencies are integrated into the broader financial ecosystem.

A proposed Bitcoin stockpile is a topic of great excitement within the industry. The idea of creating a strategic reserve of Bitcoin has been gaining traction, with industry groups like the Bitcoin Policy Institute drafting a potential executive order to make this a reality. A draft order suggests that Bitcoin should be designated as a strategic asset, with the Treasury Secretary tasked with purchasing $21 billion worth of Bitcoin over a year to build a national reserve. This move would position the United States as a global leader in the cryptocurrency space, countering the rise of rival nations like China and Russia, which have also been exploring state-backed crypto reserves.

According to Zack Shapiro, head of policy at the Bitcoin Policy Institute, this initiative would ensure the US is well-positioned to capitalize on Bitcoin’s potential without falling behind its geopolitical competitors. Additionally, many crypto companies have long struggled to gain access to banking services due to regulatory concerns. Trump’s campaign rhetoric suggested he would take action to address these challenges. Crypto executives are hopeful that one of his first executive orders will ease restrictions on banks, allowing them to work with crypto firms more freely.

While some experts warn that an executive order may not immediately change federal bank regulators’ stance, it would provide crucial political cover for banks considering partnerships with crypto companies.

Another major expectation from the crypto industry is the creation of a crypto industry council. Similar to past administrations’ creation of specialized councils for specific industries, this council would focus on issues related to cryptocurrency, helping shape regulatory frameworks and streamline industry development. In his efforts to modernize the financial system, Trump may look to implement an executive order urging agencies to review and update their rules to better suit the rapidly evolving crypto industry. This move would provide a clearer regulatory environment for crypto firms to operate in, potentially fostering greater innovation and investment.

The cryptocurrency industry is optimistic about the potential for regulatory changes under a Trump administration. However, some executives caution that immediate, sweeping changes may be unlikely, as many regulations are shaped by independent agencies. Nevertheless, Trump’s administration could provide essential direction on crypto regulations and offer a roadmap for future legislative efforts.

Source: cryptocurrencynews.com