Trump to Issue Executive Order on Crypto by January 20, Reuters Reports

Trump is expected to issue an executive order on crypto by January 20, aiming to create a Bitcoin reserve and improve regulations.

The cryptocurrency industry has been asking President Trump to issue an executive order within his first 100 days in office. He’s being told to create a U.S. Bitcoin Reserve, give crypto companies access to banking services, and establish a cryptocurrency advisory committee. Reuters reports they expect at least one executive order to be issued on January 20.

On his first day in office, Trump intends to sign a lot of executive orders. It will cover topics such as immigration and energy. Now, however, the crypto industry is particularly interested in what he will do for them. Trump promised to be a ‘crypto president‘ during his campaign. But the industry is hoping that he makes good on that promise by acting, perhaps by stockpiling bitcoin, offering better banking access for crypto companies, or setting up a crypto advisory council.

It is important that the new administration set clear priorities, stated Rebecca Rettig, from Polygon Labs.. She says executive orders should lay out the future. The crypto industry wants fast action that will support growth and innovation.

Experts Expect Trump to Set Direction for Crypto Regulations

Regulators opposed to crypto companies under President Biden because of concerns about crime and volatility also took action against crypto companies. Trump has promised to change that. His already crypto team is shaping up. Crypto-friendly SEC chair Paul Atkins and White House crypto czar David Sacks are key appointments.

After Trump reiterated a plan for a strategic Bitcoin reserve, the currency recently hit a record high above $108,000. Now the price has fallen below $95000, but the concept of a Bitcoin Reserve still appeals to many people. Annoyed with his stalled agenda in Congress, critics believe Trump could use executive powers to create the reserve. Some say they think Congress might have to approve it.

Even the Bitcoin Policy Institute has drafted a potential executive order. This draft would require Bitcoin to become a strategic reserve asset and would require the Treasury Secretary to spend $21 billion to stock up national Bitcoin reserves. Head of the Institute, Zack Shapiro says the U.S. must move quickly, before other countries, to secure bitcoin.

Trump has also promised to help the crypto firms access banking services. Some even expect him to order his commanders to obey this too. Regulatory challenges make it hard for crypto companies to get a banking service. Trump’s order would help to ease these problems, executives believe.

An executive order could serve as an aid to crypto regulation, but it does not mean things will change overnight. Like a 2017 order on banking rules, experts think Trump may issue orders setting the direction for crypto regulations. The crypto industry holds onto the hope that Trump will give them the support they need to grow.