Trump to Issue Executive Order Making Crypto a National Priority, Reports Bloomberg

Trump executive order will make crypto a national priority, aiming to reduce regulatory barriers and boost the industry.

President-elect Donald Trump is preparing to release an executive order that will make cryptocurrency a national priority. The order is anticipated to instruct government agencies to work more closely with the crypto industry, according to a Bloomberg report. Its purpose is to boost the industry and remove regulatory obstacles.

The order is designed to build crypto into a national imperative and the administration into crypto believers. It will drive agencies to work with the industry and drive for a more crypto-friendly environment for industry companies. The order will also form a crypto advisory council to advocate for the industry’s views in policymaking. The move is also a part of Trump’s wider effort to legitimize cryptocurrency and urge progress in the sector.

Crypto leaders are optimistic about this shift in the policy, expecting it to turn around some of the difficulties posed to the industry by President Biden’s administration. In recent years, the crypto market has seen some investigations on fraud along with regulatory scrutiny. But fear not, because with Trump’s forthcoming executive order, several people in the industry can rest easy, hoping that all these problems will be solved.

Trump Crypto Executive Order Could Shape Future Digital Asset Regulations

Now, the community has urged the president-elect Trump to act swiftly. Industry representatives have asked Trump to issue an executive order within the first 100 days of his presidency, according to Reuters. What they want is banking services for crypto companies, a U.S. Bitcoin Reserve, and a new advisory committee on digital assets.

A report finds that Americans lost over $5.6 billion of crypto through fraud schemes in 2023. According to the report, investment fraud, the most common type of scam, increased 45% from the year prior. In reaction to this, the U.S. Department of Justice created the National Cryptocurrency Enforcement Team in 2021 to investigate crypto-related criminal activities. The Treasury Department also hit the SUEX exchange with sanctions for facilitating ransomware payments.

Some reports also say the executive order could include directions to pause legal actions involving crypto while policies are reviewed. This would indicate a more cooperative attitude on the government’s part towards the quickly growing crypto sector.