Photo: Ryan M. Kelly
Key Takeaways
- Donald Trump plans to prioritize cryptocurrency as a key policy area through executive order.
- The move marks a shift in the Biden administration’s regulatory approach to a more supportive stance toward cryptocurrencies.
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According to a Bloomberg report, President-elect Donald Trump plans to issue an executive order prioritizing cryptocurrency as a key policy area.
The order could come as early as Monday and would establish a cryptocurrency advisory board to integrate industry perspectives into the administration.
This move marks a departure from President Joe Biden’s administration. During his tenure, more than 100 enforcement actions were taken against cryptocurrency companies, including high-profile cases involving FTX and Binance.
The administration has also implemented policies restricting cryptocurrency companies’ access to banking services.
The planned executive order would require all government agencies to review their digital asset policies and could halt ongoing lawsuits against companies like Ripple Labs and Binance.
Additionally, according to data from Arkham Analytics, various studies could create a nationwide Bitcoin reserve by consolidating the roughly $20 billion in Bitcoin currently held by the U.S. government.
Trump’s support for cryptocurrencies was on display during his presidential campaign, including when he attended a Bitcoin conference in July and promised to make the United States a global cryptocurrency leader.
His family has launched cryptocurrency initiatives, including World Liberty Financial, which focuses on cryptocurrency income and lending.
According to data from Arkham, World Liberty Financial holds nearly $4 million in Ethereum, $1.9 million in Aave, $1.8 million in Chainlink, and $670,000 in ENA.
The cryptocurrency sector has expanded under Biden, with major financial institutions such as BlackRock and BNY Mellon entering the market despite regulatory concerns.
BlackRock launched spot Bitcoin and Ether ETFs last year, and Cantor Fitzgerald announced plans for a Bitcoin finance business.
The industry plans to hold the ‘first Crypto Ball’ in support of Trump to highlight the growing political influence of cryptocurrencies in Washington.
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