With only 3 days left until the inauguration of the first pro-crypto president - Trump, the global community is closely watching whether Trump will introduce any crypto-related policies to fulfill his crypto-friendly promises made during the campaign.
Trump Plans to Designate Cryptocurrency as a National Priority
According to a report by Bloomberg citing informed sources, Trump is planning to issue an executive order that will designate cryptocurrency as a policy priority and give the industry more say. The executive order is expected to be released as early as Trump's inauguration day, but it has not been finalized and may be subject to change before the official announcement.
The executive order is expected to position cryptocurrency as a national priority to guide government agencies to collaborate with the industry. It also plans to establish a Cryptocurrency Advisory Council to advance the industry's policy priorities.
Bloomberg previously reported that the Trump administration plans to appoint about 24 crypto industry CEOs and founders as members of the Cryptocurrency Advisory Council. Many of the potential appointees have met with Trump multiple times and maintain close contact with him, though Trump and his key advisers, including the incoming White House AI and Crypto Czar David Sacks, are still evaluating potential candidates. Potential candidates speculated by the market include Crypto.com CEO Kris Marszalek, MicroStrategy CEO Michael Saylor, and Coinbase CEO Brian Armstrong.
Further Reading: Ambush Opportunity? Trump Reportedly Forms 24-Person Crypto Advisory Council, Which Industry Leaders Have a High Chance of Being Selected
Executive Order to Consider Establishing a National Bitcoin Reserve
Additionally, informed sources revealed that the executive order may also consider establishing a national Bitcoin reserve, which would cover all the Bitcoin held by the U.S. government. According to data from analytics firm Arkham, the U.S. government currently holds about 198,000 BTC, worth nearly $20 billion, making it the largest state holder of Bitcoin globally.
The order may also require government agencies to review existing digital asset policies and even suspend any legal proceedings related to cryptocurrency, including cases against companies like Binance and Ripple, which are top priorities for the industry.
Further Reading: New York Post: Trump Will Prioritize Support for U.S. Crypto Companies Like Solana, Ripple Upon Taking Office, 4-Year Crackdown Ends
Regarding this, Kara Calvert, Vice President of U.S. Policy at the largest crypto exchange Coinbase, said these measures send a signal to other countries: "If you're not careful, you're going to get left behind." She further stated:
I think the signal Trump wants to send is that America is back, and we're ready to lead in this industry.
In an interview yesterday, Trump also emphasized that they plan to take significant action in the crypto space because "we want to be the leader."
Currently, a representative for Trump has not responded to requests for comment on the details of the executive order.
Bitcoin Breaks Through $102,000
Since Trump's victory in November, the market has been full of expectations that the Trump administration will support the development of the crypto industry. BTC price has surged nearly 50% since then, reaching a new all-time high of $108,000 last month.
According to data from the Binance spot market, possibly buoyed by the news of the executive order, BTC broke through $102,000 around 10:15 am today, reaching a high of $102,148, up over 2% in the past 24 hours.
