According to Bloomberg, U.S. President-elect Donald Trump plans to sign an executive order after taking office to elevate the status of cryptocurrencies on the government's policy agenda.
This executive order may be issued as early as next Monday, and its content will encourage government agencies to cooperate with the cryptocurrency industry, and define cryptocurrencies as "issues or priorities that the nation must address." Bloomberg reported this based on information from anonymous sources. Trump's transition team has not responded to requests for comment.
This move will mark a significant shift in the government's attitude towards the cryptocurrency industry. Industry leaders believe that the cryptocurrency industry has been suppressed by the Biden administration, especially under the leadership of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). Gensler plans to resign on the day of the presidential inauguration.
The executive order will establish a Cryptocurrency Advisory Council, which was a promise made by Trump during the campaign. The council is reportedly aimed at advancing the industry's policy goals by providing a direct channel of communication between cryptocurrency executives and the White House.
The order may also include a provision requiring all government agencies to "review policies related to digital assets and potentially suspend litigation involving cryptocurrencies."
Kristin Smith, CEO of the Blockchain Association, said in an email that the tone conveyed by this directive is as important as the policies it contains.
"As the most crypto-friendly president in history, President-elect Trump has an opportunity to send a message to the federal government that cryptocurrencies are something we should embrace, not something we should punish," Smith said. "The leaders in Washington, as well as key federal agencies, need to be encouraged to foster cryptocurrency innovation in America, and this executive order statement would be a very positive first step for the new administration."
Trump, who was once skeptical of Bitcoin, has fully embraced digital currencies over the past year. He has created his own cryptocurrency project, promised to establish a national Bitcoin reserve, and supported a crypto-friendly regulatory framework, attracting a large number of cryptocurrency supporters.
It is reported that President-elect Trump has established connections with several cryptocurrency industry executives, marking a new political influence for the industry. On January 7, Ripple CEO Brad Garlinghouse met with Trump in person. In addition, after the November election, Trump also had a phone conversation with Coinbase CEO Brian Armstrong.
Trump has fulfilled his campaign promise by appointing several pro-cryptocurrency officials to his cabinet and government agencies. This includes appointing tech billionaire Elon Musk to lead the Office of Government Efficiency, and appointing experienced financial regulator and self-described libertarian Paul Atkins as chairman of the U.S. Securities and Exchange Commission (SEC).
