President-elect Donald Trump is poised to reshape the cryptocurrency landscape in the United States. Sources close to his administration reveal plans to sign a series of crypto-friendly executive orders during his first days in office, signaling his commitment to fostering digital asset adoption and reducing regulatory barriers.
What’s on the Agenda?
One of Trump’s key initiatives involves creating a Crypto Advisory Council, a body aimed at guiding government policies to support the crypto industry. The council, which could feature up to 20 members, was an idea Trump first proposed in July. Bloomberg News reported on this initiative, and insiders suggest it will likely be among Trump’s first executive actions.
Additionally, Trump’s team plans to target specific regulations that have hindered the crypto sector. One major focus is repealing the 2022 SEC guidance known as SAB 121, which has imposed significant costs on companies, particularly banks, holding cryptocurrencies for third parties. By removing this obstacle, Trump aims to make it easier for financial institutions to embrace digital assets.
Another critical directive is the termination of Operation Choke Point 2.0, a term used by crypto executives to describe alleged government efforts to exclude cryptocurrency firms from traditional banking services. While regulators deny the existence of such a strategy, Trump’s administration is determined to ensure that crypto businesses are not unfairly restricted.
A Stark Shift in Approach
Trump’s anticipated policies represent a sharp departure from President Joe Biden’s administration, which adopted a more cautious stance toward cryptocurrency. Under Biden, regulatory agencies took action against major players in the crypto industry, including Coinbase, Binance, and Kraken, citing concerns over fraud and money laundering.
Critics of the crypto industry argue that Trump’s pro-crypto stance could enable bad actors, referencing high-profile cases like Sam Bankman-Fried’s 25-year prison sentence for fraud and Binance founder Changpeng Zhao’s brief imprisonment for money laundering violations.
However, Trump’s supporters argue that these new policies could help push cryptocurrencies into the mainstream, positioning the U.S. as a global leader in digital asset innovation.
What Could This Mean for Crypto’s Future?
If Trump’s administration follows through on these promises, the regulatory landscape for cryptocurrencies in the U.S. could shift dramatically. This approach aligns with Trump’s campaign pledge to be a “crypto president,” courting digital asset advocates and financial backers who share his vision for a more crypto-friendly economy.
While details of these policies are still emerging, the message is clear: Trump’s team is committed to fostering innovation and reducing barriers for the crypto industry. Whether this will lead to the mainstream adoption of cryptocurrencies or create new challenges remains to be seen.
Stay tuned for more updates as these policies unfold, potentially reshaping the future of cryptocurrency in the United States.
