The USA's Cryptos policy is set for a significant shift, as Trump plans to issue an executive order to elevate Cryptos as a policy priority and give insiders in the Industry a voice in his administration. This executive order may be released as early as Monday.
With Trump's imminent inauguration, will the promises to the crypto industry be fulfilled?
On Friday, according to media sources citing informed individuals, the elected president Trump plans to issue an executive order elevating cryptocurrency to a policy priority, giving insiders in the industry a voice in his government, signaling a potential significant shift in USA cryptocurrency policy.
According to previous reports by Global Times, at the Bitcoin conference held on the 27th of last year, Trump delivered a speech in support of himself, where he not only made bold commitments regarding the future of Bitcoin but also expressed strong dissatisfaction with the current regulatory policies.
Specifically, the executive order may include:
National strategy priorities: The executive order is expected to list cryptocurrency as a national strategic priority, aimed at guiding government institutions to collaborate with the industry, and plans to establish a cryptocurrency advisory committee to voice the industry's policy priorities.
Possible suspension of lawsuits: The contents under discussion also include directing all government institutions to review digital assets policy and possibly suspend lawsuits involving cryptocurrencies.
Considering the establishment of a national Bitcoin reserve: The executive order is also considering the establishment of a national Bitcoin reserve, which will include the government's existing Bitcoin holdings. According to analysis company Arkham Statistics, the USA government currently holds nearly $20 billion worth of Bitcoin. According to previous reports from CCTV News, Trump has promised to make the USA the world capital of Bitcoin and cryptocurrencies and to establish a strategic Bitcoin reserve.
Insiders warn that this executive order may be released as early as Monday, but it is not the final version and may change before its announcement.
It is worth mentioning that Trump has received strong support from the Cryptos industry, which has significant influence in Washington. In recent months, many companies, including Coinbase and Ripple, have donated to Trump's inauguration committee. On Friday, just days before the inauguration, the industry will hold a "Cryptos Inauguration Ball" to support Trump.
For the Cryptos industry, this executive order will mean a huge change. Following a series of high-profile fraud cases, the Cryptos industry has been a target of investigations during President Biden's term. In recent years, federal agencies such as the SEC have undertaken more than 100 enforcement actions against the industry, and banking regulators have made it more difficult for Cryptos companies to collaborate with Financial Institutions.
Based on market expectations for the establishment of a national reserve in the USA, the price of Bitcoin has risen nearly 50% since the November elections, surpassing $0.1 million, and has more than doubled in 2024.
Kara Calvert, Vice President of US Policy at Coinbase Global Inc., stated:
Trump signaled that the USA is back, and we are ready to lead this industry. This means that Other countries need to be careful, or they will fall behind.
Editor/lambor