On January 20, when President-elect Donald Trump returns to the White House for his first day, he may issue a series of executive orders. Some of these orders could potentially influence the digital currency or cryptocurrency sector.
According to an article published by The Washington Post on January 13, it’s anticipated that President Trump will issue executive orders following his inauguration next week regarding the discontinuation of banking services for cryptocurrencies and overturning a bank accounting policy that mandates banks holding cryptocurrency assets to report these digital assets as a liability on their balance sheets.
According to someone privy to the discussions, it’s been unequivocally stated by the Trump group that this matters greatly to them.
Leaders in the cryptocurrency sector frequently allege that the administration of President Joe Biden is utilizing financial regulators to persuade banks into restricting services for their industry, under what they call “Operation ChokePoint 2.0”. This refers to an alleged strategy aimed at limiting access to financial services.
Currently, the industry is resisting a requirement that they report cryptocurrency holdings as liabilities, a rule set forth in the Securities and Exchange Commission Staff Accounting Bulletin known as SAB 121, which was introduced in March 2022.
According to a report by Reuters on December 23rd, representatives from the cryptocurrency sector urged President Trump to implement orders concerning cryptocurrencies during his initial 100 days in office. Some even speculated that an order might be issued on his very first day.
Additionally, The Post stated that David Sack, who serves as Trump’s advisor on cryptocurrency and artificial intelligence, organized a lunch meeting on December 20th with tech leaders and government officials. During this gathering, he expressed Trump’s intention to rescind the broad AI executive order issued by Biden in 2023. This order was criticized by conservatives due to its statement that AI should function in a way that promotes fairness and equality.
Andreessen working behind the scenes
Tech and crypto venture capitalist Marc Andreessen is rumored to have secretly contributed to constructing Donald Trump’s upcoming administration as well.
As a researcher, I’ve observed that since the election of President Trump, I’ve noticed frequent visits to his operational headquarters, the Mar-a-Lago Club in Florida. During these visits, it appears he’s been actively seeking and vetting potential candidates for roles within his administration.
Andreessen’s influence extends not only to the selection of technology leaders within the government, but also encompasses choices for positions in defense and intelligence sectors.
Throughout his election bid, Trump expressed interest in the crypto sector by proposing to turn the nation into a “cryptocurrency hub.” He suggested establishing a strategic reserve for Bitcoin (BTC) and proposed a more lenient approach towards regulatory oversight within the industry.
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2025-01-14 06:13