Trump Intends to Use First Days in Office to Issue Pro-Crypto Orders

President Donald Trump plans to leverage his executive authority to ease the regulatory challenges faced by crypto businesses and encourage wider adoption of digital assets during his first days of administration, according to three sources familiar with the matter.

Trump, who garnered support from cryptocurrency enthusiasts during his campaign by pledging to be a “crypto-friendly president,” is anticipated to sign an executive order to establish a cryptocurrency advisory council, according to two of the three sources, who requested anonymity.

Last Thursday, Bloomberg News reported that Trump intends to create a cryptocurrency council through an executive order. The council, which could consist of up to 20 members, would provide guidance to the government on creating policies supportive of digital assets.

Advisers close to Trump have also discussed issuing an executive order instructing the Securities and Exchange Commission (SEC) to revoke the 2022 accounting rule—SAB 121—which has made it financially burdensome for some businesses, mainly banks, to offer cryptocurrency custodial services for third parties.

In addition, Trump is anticipated to order the termination of “Operation Choke Point 2.0.” The term, used by crypto leaders, refers to what they allege is a coordinated effort by banking regulators to exclude cryptocurrency companies from the conventional financial system by pressuring banks to deny them services. Regulators have consistently denied any such coordinated actions.

It remains unclear whether these changes will be implemented through one or multiple executive orders. However, the sources noted that the primary objective is to send a strong, immediate signal that the administration is committed to supporting digital assets.

If the policies are enacted by the relevant regulatory bodies, they could significantly advance the mainstream acceptance of cryptocurrencies, according to experts in the field.

Trump’s approach stands in stark contrast to the policies of the outgoing president, Joe Biden, whose administration sought to curb money laundering and fraud by pursuing legal actions against crypto companies, including Kraken, Coinbase, and Binance.

Among Trump’s appointees are pro-crypto figures such as Paul Atkins as SEC chair, Scott Bessent as Treasury secretary, and Howard Lutnick as Commerce secretary.

Cryptocurrency critics often highlight high-profile cases like Binance’s Changpeng Zhao, briefly jailed for money laundering, and Sam Bankman-Fried, who received a 25-year prison sentence for fraud, as evidence of the industry’s risks.

Crypto regulations are just one of many issues Trump plans to address through executive orders at the start of his second term, with other areas including immigration policy and energy production.

The crypto industry and its established actors like Stronghold Digital Mining Inc. (NASDAQ: SDIG) look forward to an administration which makes an effort to provide regulatory clarity so that the industry can grow.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is powered by IBN