President-elect Donald Trump is preparing to issue an executive order after taking office that will designate crypto as a national priority, and plans to establish a crypto advisory council to give the industry a voice.

Crypto as a national priority

According to a Bloomberg report, the executive order that Trump is preparing to issue will include the following key points:

• Policy direction:
  • Crypto will be treated as a "national priority", with government agencies and the industry working together to discuss and promote relevant policies.
  • Establish a Crypto Advisory Council to give industry experts and companies the opportunity to participate in government decision-making and speak up for the industry.
• Potential measures:
  • Require all government agencies to review existing digital asset policies, and may suspend enforcement actions against crypto companies, such as halting investigations into Binance and Ripple.
  • Plan to establish a national Bit reserve, integrating the approximately $20 billion in Bit assets currently owned by the U.S. government.

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From Biden's crackdown to Trump's embrace

During the Biden administration, the crypto industry has faced multiple enforcement actions from the government:

• Enforcement actions: Agencies such as the SEC have launched over 100 enforcement actions against the crypto industry, investigating cases involving the FTX collapse, Binance, and Ripple, among others.
• Restricting financial services: Government agencies have teamed up with banks to restrict crypto companies' access to financial services.

However, Trump has reversed his previous opposition to crypto during last year's campaign, and has instead strongly supported the crypto industry, promising to make the U.S. the "global crypto capital". This executive order will represent a major shift in the U.S. government's attitude towards crypto.

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Industry expects new policies to revive market confidence

• Industry support: Companies like Coinbase and Ripple have recently donated to Trump's inauguration committee and held a "Crypto Ball" to support the new administration.
• Market expectations: Bit price has risen over 50% since the November election, breaking the $100,000 mark, mainly due to market expectations that the Trump administration will promote crypto-friendly policies.
• Industry perspective: Kara Calvert, Coinbase's head of policy, said Trump's actions announce to the world that the U.S. will retake the lead in the crypto industry.

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