Donald Trump’s return to the White House on January 20 could mark a seismic shift for the cryptocurrency industry. Right off the bat, he’s expected to sign a slew of executive orders, some of which are poised to reshape the crypto landscape. “The Trump team has made it very clear that this is a priority,” an insider revealed to The Washington Post. With a focus on deregulating the space, Trump’s first day could see orders that address the banking hurdles crypto businesses face and tweak existing financial regulations.
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Crypto Industry Anticipates Regulatory Refresh
Industry leaders are eager, pushing Trump to issue orders that could finally mainstream crypto. Discussions are already underway about forming a crypto industry council, as previous administrations have done through executive orders. This council would aim to streamline the regulatory maze that currently entangles crypto firms. Moreover, Trump’s proposed changes could simplify how banks handle crypto, encouraging them to embrace rather than shun digital assets. A source told Reuters, “Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap.”
Trump Eyes U.S. Bitcoin Reserve Strategy
Echoing his campaign promises, Trump is not just stopping at regulatory tweaks. He’s eyeing the establishment of a strategic Bitcoin reserve to position the U.S. as a crypto capital. This move, debated among analysts for its feasibility without Congressional approval, aims to secure America’s lead in the global crypto race. A draft seen by Reuters suggests Trump might instruct the Treasury to earmark $21 billion for buying up Bitcoin, marking a bold step towards monetizing digital assets at a national level. “Rather than have the price run up without the United States having any reserves,” Zack Shapiro from the Bitcoin Policy Institute pointed out the strategic edge this could give the U.S. over its geopolitical rivals.
At the time of writing, Bitcoin is sitting at $96,425.40.
