Trump Set to Make Cryptocurrency a National Priority

President-elect Donald Trump is reportedly preparing to issue an executive order that would elevate cryptocurrency to a national policy priority, signaling a significant shift in the U.S. government’s approach to digital assets. According to Bloomberg, the move, expected as early as Monday, could grant the cryptocurrency industry greater influence over regulatory developments.

A Strategic Shift in U.S. Crypto Policy

The executive order aims to position the United States as a global leader in digital assets by prioritizing cryptocurrency at a national level. This marks a stark departure from the enforcement-heavy stance of the Biden administration, which initiated over 100 actions against crypto firms and restricted the industry’s access to banking services.

The order may include key measures such as:

• A comprehensive review of existing digital asset policies by all federal agencies.
• A potential pause on litigation against cryptocurrency firms.
• The establishment of a crypto advisory council to advocate for industry-friendly policies.

One notable provision under consideration is the creation of a national Bitcoin stockpile, utilizing the government’s $20 billion in confiscated Bitcoin holdings.

Industry Support and Market Response

Trump’s pro-crypto stance has already spurred momentum within the private sector. Financial giants like BlackRock (NYSE:BLK) and BNY Mellon (NYSE:BK) have launched cryptocurrency products, while Cantor Fitzgerald announced a Bitcoin financing venture.

Bitcoin has responded positively to the prospect of a more favorable regulatory environment, rising 0.4% to $100,285.5 as of 19:34 ET (00:34 GMT). The cryptocurrency has rallied significantly since Trump’s election in November, reaching an all-time high of over $108,000 last month.

Biden Administration’s Legacy

Under President Joe Biden, federal agencies pursued aggressive enforcement actions against the crypto sector, targeting major players such as Binance and Ripple. These measures were part of a broader crackdown following high-profile scandals like the collapse of FTX, which highlighted vulnerabilities in the industry.

Uncertainty Ahead

While the executive order could mark a turning point for U.S. cryptocurrency policy, Bloomberg notes that the proposal remains under discussion and is subject to change. If implemented, it could reshape the regulatory landscape, fostering innovation and growth in the sector.

As Trump prepares to take office, his administration’s approach to cryptocurrency will be closely watched by investors, regulators, and industry leaders alike. The proposed policy shift underscores the growing importance of digital assets in the global financial system, with the United States aiming to secure its position as a leader in this transformative space.