It’s anticipated that upon his return to office on January 20, President-elect Donald Trump may sign an executive order that classifies cryptocurrency as a top national concern.
On January 17, according to sources privy to the plans, Bloomberg reported that the impending order is intended to direct regulatory bodies towards collaborating with the cryptocurrency industry. Additionally, it may establish a crypto advisory group to voice the sector’s policy demands.
According to the report, although the agreement might be officially approved on January 20, which marks President Trump’s return to office, it remains subject to modification before being publicly announced. In simpler terms, while the document may be signed on that date, there is a possibility that changes could still occur prior to its release.
As a researcher, I’m intrigued by the widespread speculation suggesting that I, as the incoming President, may be preparing a day-one executive order centered around cryptocurrencies. Given the substantial support my campaign received from local industry players in this sector, and my commitment to positioning the U.S. as a leading “crypto capital,” it’s natural for such anticipation to arise. However, I must emphasize that all policy decisions will be guided by what I believe is best for our nation and its economic growth.
On January 16th, The New York Times stated that crypto leaders provided suggestions to Donald Trump’s cryptocurrency advisor, David Sacks, regarding an executive order addressing various aspects of cryptocurrency policy.
On January 13th, The Washington Post announced that it’s likely President Trump will issue executive orders on January 20th regarding the prohibition of cryptocurrency banking and the revocation of a financial institution accounting policy that mandates banks storing crypto to record the digital assets as debts.
According to Bloomberg’s report, discussions are ongoing regarding instructions for government departments to reevaluate their cryptocurrency regulations and temporarily halt legal actions involving digital currencies. Additionally, there are talks about establishing a Bitcoin (BTC) repository where the government could store cryptocurrency assets it has previously seized.
On January 15, according to Reuters, the Securities and Exchange Commission under President Trump might reconsider its ongoing cases related to cryptocurrencies, and potentially halt those without fraud accusations.
Industry lawyers also bet that the SEC will soon abandon its crypto cases.
As an analyst, I find it intriguing that Stuart Alderoty, Ripple Labs’ chief legal officer, expressed his view on January 15th, stating that the ongoing legal action against our company might be dropped by the incoming administration following the regulator’s submission of arguments to an appeals court.
Simultaneously, proponents of cryptocurrency propose that the U.S. should maintain a stockpile of Bitcoin. They argue that this move could serve as a protection against inflation and potentially alleviate the country’s debt burden.
Data from Arkham Intelligence indicates that approximately $20.3 billion in assorted cryptocurrencies have been confiscated during U.S. criminal investigations, with a staggering $19.8 billion of this total being Bitcoin specifically.
A proposal put forward by Senator Cynthia Lummis suggests that the U.S. Treasury consider purchasing approximately one million Bitcoins, with each Bitcoin priced at around $100,200, which translates to an estimated cost of about $100 billion.
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2025-01-17 04:30