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Cryptocurrency News Articles
The Crypto Industry Is Urging Donald Trump's Team to Begin His Promised Crypto Policy Changes
Dec 24, 2024 at 03:04 am
The industry expects him to fulfill that promise with executive orders to build a bitcoin reserve, provide crypto businesses access to banking, and establish a crypto council.
The crypto industry is urging Donald Trump’s team to begin his promised crypto policy changes when he becomes president next month. Officials say they want him to use executive orders to make cryptocurrencies more mainstream.
According to Reuters, Trump plans to sign many executive orders and directives on his first day in office, covering topics like immigration and energy.
During his campaign, Trump attracted crypto supporters by promising to be a “crypto president.” The industry expects him to fulfill that promise with executive orders to build a bitcoin reserve, provide crypto businesses access to banking, and establish a crypto council.
Two sources report that they have been calling for these executive orders within Trump’s first 100 days and are hopeful that at least one will be signed on 20th January 2025.
Rebecca Rettig, Polygon Labs’ chief legal and policy officer, said executive orders must clearly outline the main priorities from day one and offer a roadmap.
Concerned about crime and instability, Biden’s regulators have tightened rules on crypto companies. Trump has promised to change this. His crypto policy team is forming, including the crypto-friendly SEC chair Paul Atkins and White House crypto czar David Sacks, announced this month.
Brian Hughes, a spokesperson for Trump’s transition team, said Washington’s bureaucracy has tried to hinder innovation, “but President Trump will deliver on his promise to encourage American leadership in crypto.”
Bitcoin, the leading cryptocurrency, reached new highs of over $107,000 this month after Trump repeated his plan from a July speech to create a strategic bitcoin reserve. It has since dropped below $100,000.
Experts disagree on whether Trump can use executive powers, possibly through the Treasury Department, to create the reserve or if Congress needs to pass a law.
The Bitcoin Policy Institute, an industry group, has drafted a possible executive order that Trump could use to set up the Bitcoin Reserve.
According to the draft seen by Reuters, it would label bitcoin as a strategic reserve asset and direct the Treasury Secretary to spend $21 billion in a year to build a national bitcoin reserve.
Zack Shapiro, head of policy at the Bitcoin Policy Institute, said the US should lead its geopolitical rivals in using Bitcoin instead of letting the price rise without the US having reserves. He did not say if the group shared the draft with Trump’s team.
In July, Trump said he would not allow banks to “choke” crypto firms out of the traditional financial system. Some executives think he will address this with an executive order. Crypto companies have often complained that banks avoid working with them because of regulations. Even though regulators say, banks can lend to crypto firms that comply with the law.
Some executives warned that even if Trump signs an executive order telling bank regulators to be lenient on crypto, it would mostly signal intentions and offer political support. It probably wouldn’t have legal power because federal bank regulators are independent.
According to Jonah Krane, a partner at Klaros Group, they won’t change policies immediately, but they will indicate the administration’s desired direction.”
Trump also plans to form a crypto industry council, and his team is figuring out its structure and staffing. Executives said that past administrations have created special councils through executive orders.
Trump might address crypto’s concerns that current regulations don’t suit the industry by issuing an executive order outlining key principles for crypto regulation. This would be like an order he signed in 2017 that asked regulators to reassess banking rules.
Krane added, “I wouldn’t be surprised if you get something like an executive order early on that directs the agencies to re-examine their rules in this space”
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