The Crypto industry is eagerly looking forward to President-elect Donald Trump’s first day in office to be full of executive orders.
According to cryptocurrency industry officials, the industry is very keen on President-elect Donald Trump’s team to implement his vowed crypto policy overhaul when he takes office next month with executive orders that would help nudge tokens mainstream.
As reported by Reuters earlier this month, Trump’s first day in office is Jan 20 next year, and he plans to issue a substantial number of executive orders on everything from immigration to energy.
During his election tour, cryptocurrency was an important aspect of Trump’s campaign. He committed to reforming crypto regulations and promised to make the United States the “crypto capital of the planet.”
Now that his first in the office is near the industry wants him to make good on that promise with executive orders creating a bitcoin stockpile, ensuring the sector can access banking services, and creating a crypto council.
They are expecting those executive orders within Trump’s first 100 days in office, and hope at least one of those could come on Jan. 20.
Rebecca Rettig, chief legal and policy officer at crypto company Polygon Labs thinks that in the light of the campaign’s hysteria, it would be crucial for executive orders to set out what the genuine priorities will be on day one and provide some roadmap.
During President Joe Biden’s tenure in office, the regulators broke down on crypto firms due to being anxious about crime and Turbulence, but Trump has sworn to switch approach.
His crypto policy team is already getting plans in motion, with the announcement this month of crypto-friendly Securities and Exchange Commission chair Paul Atkins and White House crypto czar David Sacks.
Trump transition team spokesperson Brian Hughes said in a statement that There has been some action in the Washington bureaucratic bog to suppress innovation but President Trump will deliver on his promise to lead America in crypto.
After Trump restated his plan on cryptocurrency in a speech in July Bitcoin which is the world’s largest cryptocurrency, hit new records above $107,000 but earlier this month after unveiling the strategic Bitcoin reserve, Bitcoin has since dropped back below $100,000.
Analysts are split on whether Trump could use administrative powers to create the reserve, potentially via the Treasury Department, or whether an act of Congress would be required.
One industry group, the Bitcoin Policy Institute, has gone as far as to prepare a text of a possible executive order Trump could use to establish such a stash of stock.
According to the Reuter, that draft would specify bitcoin as a strategic reserve asset and need the Treasury Secretary to spend $21 billion over a year to assemble a national bitcoin stockpile.
Zack Shapiro, the Bitcoin Policy Institute’s head of policy, said the United States should get ahead of geopolitical competitors in monetizing Bitcoin instead of having the price run-up without the United States having any reserves. He refused to tell if the group had shown the draft to Trump’s team.
During this speech in July, Trump said that he would make sure the banks do not “choke” crypto firms out of the traditional financial system anymore, and some executives are expecting he will also try to address that issue with an executive order. The problems between Crypto companies and banks have been long-standing and banks won’t work with them due to regulatory scrutiny, although regulators say banks are free to loan to crypto firms that obey the law.
An executive order requiring bank regulators to ease up on crypto would work wonders and send a signal to agency officials and help with political cover, some executives have warned that it’s far-fetched to have legal force since federal bank regulators are independent.
Jonah Krane, partner at financial firm Klaros Group said that they are not going to change policy on the ground on day one, but it will tell what direction the administration is likely to head.
Trump has also mentioned in the speech that he’ll form a crypto industry council and will discuss with his team how to structure it. Previous governments have stood up specialized councils via executive orders, executives noted.
More extensively, Trump might also try to manage crypto complaints that existing regulations are not fit for the industry with an executive order stating core principles for crypto regulation, which will be similar to an order Trump issued in 2017 directing regulators to examine banking rules.
Krane said it wouldn’t come as a surprise to him if an executive order issued early on directs the agencies to re-examine their rules in this space.
Outlink: US crypto industry eyes possible day-one Trump executive orders | Reuters
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