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President-elect Donald Trump is planning to release an executive order aimed at elevating crypto assets as a “national imperative or priority,” according to reports. This move could significantly impact the cryptocurrency market and potentially bring about a new era of government support for digital currencies.
The reported executive order, which may be signed within days of his inauguration on January 20th, would direct government agencies to work closely with the crypto industry and create a “crypto advisory council” to advocate for policy priorities. The move is seen as an attempt by Trump’s administration to guide federal agencies in their dealings with digital assets.
Industry insiders expect the order could also result in the review of existing policies and potentially put a halt to ongoing litigation against major players such as Binance, the world’s largest crypto exchange, and Ripple Labs, which has been embroiled in a four-year battle with the Securities Exchange Commission (SEC).
The move could lead to the creation of a national Bitcoin strategic reserve that encompasses the government’s existing holdings. Currently, the US government holds over 213,000 BTC, worth around $21.5 billion, according to CoinGecko.
It is unclear whether this executive order will include an “America-first” strategic reserve concept, which would prioritize digital coins founded in the United States, such as Solana, USD Coin, and Ripple’s XRP. However, it appears that Ripple CEO Brad Garlinghouse has advised Trump to consider other cryptocurrency assets beyond just Bitcoin.
The report comes amid a backdrop of growing skepticism towards the government’s handling of crypto regulation, with some experts warning that Trump’s potential move could lead to increased regulatory scrutiny rather than support.
While there is no confirmation as to whether the order will be finalized in its current form, sources close to the matter suggest it may change before being made public.
Source: cryptopotato.com
