Establishing a Strategic Digital Asset Reserve: Industry Expects Trump Administration Action
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Crypto Industry Lobby Trump to Issue an Executive Order for a Bitcoin Reserve Within First 100 days
Key stakeholders in the crypto industry are currently lobbying President-Elect Donald Trump to issue an executive order establishing a strategic Bitcoin reserve within his first 100 days in office. The industry’s intensified efforts come after Trump’s pro-crypto campaign and public comments on the possibility of a Bitcoin reserve in various interviews.
According to a Reuters report, Trump plans to issue a series of executive orders across various sectors ranging from energy to immigration. Crypto stakeholders want crypto to be among these sectors with an order to set up a strategic Bitcoin reserve coming within the first 100 days of Donald Trump’s presidency.
Besides an executive order for a strategic Bitcoin reserve, key stakeholders in crypto are also asking for access to banking services. Top crypto executives last year were partially debanked following a lack of a clear regulatory framework for digital assets in the United States. Venture capitalist Marc Andreessen highlighted this issue, stating that over 30 tech and crypto founders associated with his firm, Andreessen Horowitz, experienced debanking during the Biden administration. Crypto stakeholders are demanding a reversal of this trend from the Trump administration, which promised to be lenient and open to innovation within the industry.
A crypto council to be set up by the Trump administration was also raised by the stakeholders in their lobbying efforts. Donald Trump has partly fulfilled this through his nominations of crypto candidates into his cabinet. Late last year, the Trump administration announced the appointment of David Sacks as the Crypto and AI Czar. The dubbing of Paul Atkins followed this, as the favorite replacement for Gary Gensler at the Securities and Exchange Commission. Both candidates are largely pro-crypto and their appointments reveal that Trump’s administration is serious about running a pro-crypto administration.
Analysts weigh in on Bitcoin Reserve
Several analysts have weighed in on the topic of a strategic Bitcoin reserve for the United States, discussing the plausibility of a reserve and how such a reserve could be launched within the confines of the law. The Bitcoin Policy Institute, an American think tank, drafted a text outlining various potential executive orders President Trump could use to launch a strategic Bitcoin Reserve. Zack Shapiro, head of policy at the institute, stated that the US should beat its geopolitical rivals in the Bitcoin race by taking the lead. He believes that the United States monetizing Bitcoin would be beneficial for its geopolitical aspirations while keeping the country afloat as the reigning world power. A Bitcoin reserve for the United States could drive other jurisdictions to follow suit, driving up demand and price for Bitcoin.
Source: www.crypto-news.net
