In a significant policy shift, President-elect Donald Trump is anticipated to issue an executive order on January 20, 2025, designating cryptocurrency as a national priority. According to sources cited by Bloomberg, the forthcoming order aims to establish a crypto advisory council and mandate federal agencies to collaborate closely with the cryptocurrency industry.
Key Components of the Anticipated Executive Order
- Establishment of a Crypto Advisory Council: The executive order is expected to create a council comprising industry leaders and government officials to foster dialogue and develop comprehensive strategies for cryptocurrency integration into the national financial framework.
- Comprehensive Policy Review: Federal agencies will be directed to assess and potentially revise existing cryptocurrency policies, ensuring they align with the new administration’s pro-crypto stance. This initiative may include pausing ongoing litigation against major industry players to facilitate a more collaborative regulatory environment.
Strategic Appointments Reflecting Pro-Crypto Agenda
President-elect Trump’s selection of key officials underscores his commitment to supporting the cryptocurrency sector:
- Paul Atkins as SEC Chairman: Known for his favorable views on digital assets, Atkins’ leadership is anticipated to steer the Securities and Exchange Commission toward more crypto-friendly regulations.
- David Sacks as White House Crypto Czar: A prominent figure in the tech industry, Sacks is expected to bridge the gap between the government and the crypto community, promoting innovation and adoption.
Market Implications and Industry Response
The prospect of supportive federal policies has already influenced the cryptocurrency market. Bitcoin’s price surged from $90,700 to over $99,000 following reports of the impending executive order.
Industry stakeholders express optimism that the new administration’s approach will catalyze growth and position the United States as a leader in the global digital asset landscape. The anticipated executive order marks a pivotal moment, signaling a departure from previous regulatory frameworks and embracing the transformative potential of cryptocurrencies.