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The US crypto industry is eagerly awaiting potential pro-crypto executive orders from President-elect Donald Trump on his first day in office, as per a report by Reuters on Dec. 23.
Rebecca Rettig, chief legal and policy officer at Polygon Labs, emphasized the importance of clear priorities and a roadmap in these executive orders.
“Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap.”
Trump’s commitment to embracing crypto and positioning the US as a global leader in the industry has generated excitement among crypto supporters, who view his administration as an opportunity to reverse regulatory restrictions and promote innovation.
Recent nominations of pro-crypto individuals like Stephen Miran, Bo Hines, and Paul Atkins to key economic and regulatory positions reflect Trump’s pro-crypto stance.
The Crypto Industry’s Wishlist
The crypto sector has outlined key priorities it hopes Trump will address through executive orders, including:
- Establishing a Bitcoin (BTC) Strategic Reserve worth up to $21 billion
- Facilitating easier access to banking services for crypto firms in the US
- Creating a coordinated council to oversee the growth and regulation of the crypto industry
While some analysts view the Bitcoin reserve plan as less likely to materialize on day one, its implementation would signal the administration’s direction rather than enforce immediate legal changes.
“(They) are not going to change policy on the ground on day one. But they will tell you what direction this administration wants to head.”
Efforts to enhance banking services for crypto firms in the US, as highlighted by Coinbase’s chief legal officer Paul Grewal, could see broader executive orders directing agencies to review their regulations in this space on day one.
The nomination of David Sacks to lead crypto and artificial intelligence regulation underscores the administration’s commitment to fostering the growth and regulation of the crypto industry in the US.
These measures are expected to signal a strong pro-crypto stance from Trump and contrast with the current administration’s approach under President Joe Biden.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation… but President Trump will deliver on his promise to encourage American leadership in crypto.”
