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Trump set to prioritize cryptocurrency with executive order

17 January 2025 16:16

President-elect Donald Trump plans to release an executive order that will elevate cryptocurrency as a key national policy priority, bringing industry experts into his administration.

This move signals a major shift for the cryptocurrency sector, which has received substantial backing from Washington, including well-funded political action committees, Caliber.Az reports per foreign media.

Prominent crypto companies, such as Coinbase and Ripple, have supported Trump financially, contributing to his inaugural committee in recent months. Additionally, the industry is hosting an "Inaugural Crypto Ball" in support of Trump just days before his inauguration.

The executive order is expected to represent a major policy change for crypto, which has been under intense scrutiny during President Joe Biden's administration due to high-profile fraud cases, such as the FTX exchange collapse. Federal agencies, including the Securities and Exchange Commission (SEC), have taken action against the sector, filing over 100 enforcement actions in recent years.

Furthermore, banking regulators have made it difficult for crypto companies to collaborate with financial institutions.

One of the provisions under consideration for the executive order includes a directive for all government agencies to review policies surrounding digital assets and potentially halt any ongoing legal actions targeting the crypto industry. Legal battles involving companies like Binance Holdings Ltd., the world's largest crypto exchange, and Ripple Labs Inc. are a top concern for industry leaders.

The creation of a national Bitcoin stockpile is also being discussed, potentially adding the government’s existing holdings of Bitcoin to a formal reserve. The US government currently holds nearly $20 billion worth of Bitcoin, seized during various investigations, according to analytics firm Arkham. The price of Bitcoin has surged almost 50 per cent since the November election, partially driven by speculation that a national Bitcoin reserve could be established. The cryptocurrency more than doubled in value in 2024.

Although the executive order is not yet finalized and could change before being made public, it is expected to be issued as early as Monday. Trump has pledged to issue multiple executive orders on a range of industries and issues during his first few days in office.

Despite regulatory challenges under Biden, crypto in the US has continued to expand, with major financial institutions like BlackRock Inc. launching Bitcoin and Ether exchange-traded funds.

By Vafa Guliyeva

Caliber.Az
Views: 170

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