President-elect Donald Trump could issue an executive order pertaining to the crypto sector on his first day in office following his presidential inauguration on January 20, Reuters reported Monday.
Will Donald Trump Deliver On Crypto Executive Order?
According to the December 23 article, two unnamed sources with knowledge of the situation confirmed to the media outlet that at least one executive order such as creating a bitcoin stockpile, developing a crypto council, or protected access to digital asset banking services may come that same day.
“There has been an effort in the Washing bureaucratic swamp to stifle innovation,” Brian Hughes, a political operative spearheading the New York-born businessman’s transition team, told Reuters in a statement, “but President Trump will deliver on his promise to encourage American leadership in crypto.”
Trump, who most recently launched his family’s crypto platform World Liberty Financial, has long vowed to enact crypto-friendly regulations when he returns to the Oval Office.
“We will have regulations,” Trump stated at the Bitcoin 2024 Conference this past summer, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”
Trump Vows Digital Asset Friendly Approach To Crypto Sector
The former reality television star’s promise to be a crypto-friendly president has been largely embraced by the digital asset community following years of the United States Securities and Exchange Commission’s (SEC) regulation-by-enforcement approach to digital assets.
In the leadup to the 2024 U.S. presidential election, Trump vowed to fire SEC chair Gary Gensler who announced his resignation from the government agency last month.
The controversial regulator doled out several high-profile lawsuits against key players in the crypto industry in recent years, including Kraken, Binance and Terraform Labs since his appointment in 2021.
The Biden-approved chair is slated to be replaced by Patomak Global Partners CEO and former SEC Commissioner Paul Atkins.
Atkins, whose clients include those in the digital asset sector, is likely to be more friendly to cryptocurrencies than his predecessor and is reportedly keen on deregulation as a whole.
“Paul is a proven leader for common sense regulations,” Trump said in a recent Truth Social post. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world.”
However, whether or not Trump will take immediate action by issuing a crypto-related executive order himself remains to be seen.
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