Key information
- Donald Trump plans to prioritize cryptocurrencies as a national policy focus through an executive order.
- The draft decree establishes a cryptocurrency advisory council and ends legal actions against cryptocurrency companies.
- The US government aims to acquire and hold bitcoin, which could boost the price of the leading cryptocurrency.
Reports indicate that President-elect Donald Trump intends to make cryptocurrencies a priority focus of national policy through an executive order. This potential executive order would elevate cryptocurrencies to a position of national importance on his first day in office. This prioritization aims to grant influence and representation to personalities from the sector within the administration.
Key features of the decree
Additionally, the draft executive order seeks to establish a cryptocurrency advisory council dedicated to supporting cryptocurrency policy initiatives. Recent efforts have focused on recruiting approximately 24 CEOs and founders to serve on this board. Notably, Bo Hines, a former congressional candidate from North Carolina, was named to lead the newly formed Crypto Council.
Involvement of government agencies
Discussions around the executive order also include potential directives for all government agencies to conduct a review of their existing cryptocurrency policies. Additionally, it is suggested that the executive order would prioritize stopping legal actions against cryptocurrency companies, such as Binance. The planned publication date for this decree is Monday; however, sources suggest it remains subject to change before being made public.
Trump’s view
President-elect Trump has previously expressed support for a national bitcoin stockpile. At the Bitcoin 2024 conference in Nashville in July, he emphasized that holding such stocks would create a sustainable national asset beneficial to all Americans. Cryptocurrency tracking firm Arkham Intelligence reports that the United States already owns $20 billion worth of bitcoin acquired through legal seizures. Trump announced his intention to halt future bitcoin sales in order to build a “commodity” stock, underscoring the principle of not selling bitcoins often cited by cryptocurrency enthusiasts.
-La Bitcoin Act
Simultaneously, Senator Cynthia Lummis of Wyoming introduced the Bitcoin Act, proposing that the nation acquire one million bitcoins over a five-year period. If implemented, a government reserve of bitcoins could potentially drive up the price of the leading cryptocurrency. However, such a reserve could also reduce the number of tokens available for trading among cryptocurrency investors, potentially exposing them to risk if the government were to sell some of its reserves.
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