The president-elect, Donald Trumpis reportedly set to sign presidential decrees aimed at encouraging a more favorable environment for cryptocurrency businesses. These actions are expected to occur shortly after he takes office, marking a significant shift in the regulatory landscape for digital assets.
What happened: Trump intends to use his powers to ease the regulatory burden on cryptocurrency companies and promote the adoption of digital assets, according to a Reuters report.
Trump, who has openly supported cryptocurrency, is expected to sign an executive order to establish a cryptocurrency advisory council, a concept he initially proposed in July, according to two anonymous sources with knowledge of the discussions.
Media reports say Trump intends to create a cryptocurrency advisory group, which would provide guidance on pro-cryptocurrency policies.
The group could have up to 20 members, according to a source.
Additionally, Trump’s advisers are considering an executive order requiring the Stock Exchange and Securities Commission (SEC) to rescind the 2022 “SAB 121” accounting recommendations, which have proven costly for some companies, particularly banks, to hold cryptocurrencies for third parties.
Trump is also poised to end “Operation Choke Point 2.0,” a term used by cryptocurrency executives to describe alleged efforts by banking regulators to exclude cryptocurrency businesses from traditional financial systems. Banking regulators have denied such allegations.
If these directives were to be taken, it could significantly advance cryptocurrency into the mainstream, contrasting with the strict regulatory stance of the president’s administration Joe Biden.
-Why it matters The potential executive orders are part of Trump’s broader strategy to prioritize cryptocurrency as a national priority. Trump intends to declare cryptocurrency a national priority, encouraging government agencies to engage with the growing industry.
This comes as the market capitalization of Bitcoin (CRYPTO:BTC) recently surpassed $2 trillion, highlighting the growing importance of the sector.
Additionally, cryptocurrency experts disagree on the likelihood of immediate executive orders, but they remain optimistic about the market’s near-term outlook.
The possibility of Trump mentioning cryptocurrency during his inauguration speech is also being considered, with Polymarket traders giving it a 31% probability.
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Disclaimer:This content was partly produced using AI tools, then fact-checked and published by Benzinga editors.
