The cryptocurrency industry is urging President-elect Donald Trump to jumpstart his promised crypto policy overhaul as soon as he takes office next month.
Industry officials are pushing for executive orders that could make crypto mainstream, including creating a bitcoin stockpile, ensuring crypto firms have access to banking services, and establishing a crypto council.
Trump, who has branded himself as a “crypto president,” plans to issue several executive orders on his first day in office on January 20, according to Reuters.
“Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap,” said Rebecca Rettig, chief legal and policy officer at Polygon Labs.
President Joe Biden’s administration cracked down on crypto companies, citing concerns over crime and volatility. However, Trump has pledged to reverse course.
Trump’s crypto policy team is already forming, with crypto-friendly SEC chair Paul Atkins and White House crypto czar David Sacks in key roles.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation… but President Trump will deliver on his promise to encourage American leadership in crypto,” said transition team spokesperson Brian Hughes.
Trump reiterated his plan for a strategic bitcoin reserve, which could involve designating bitcoin as a strategic asset and spending $21 billion to amass a national stockpile.
Zack Shapiro of the Bitcoin Policy Institute emphasized that the U.S. should act swiftly to get ahead of geopolitical rivals in bitcoin adoption.
Trump also pledged to prevent banks from “choking” crypto firms out of traditional finance.
While executive orders could send a strong political signal, experts warn they may not have immediate legal impact, particularly on independent bank regulators.
Jonah Krane of Klaros Group noted, “(They) are not going to change policy on the ground on day one but will tell you what direction this administration wants to head.”
Trump’s team is also exploring how to create a crypto industry council to address broader regulatory challenges.