US crypto industry hopeful for favorable regulations under Trump administration

From Investing.com

December 23, 2024 06:13:35 AM:

The cryptocurrency industry is urging President-elect Donald Trump to make good on his promise to be a “crypto president” by issuing executive orders to mainstream tokens. Trump’s team plans to implement these orders within his first 100 days in office, with a potential announcement as early as Jan. 20.

President Joe Biden’s regulators have cracked down on crypto companies due to crime and volatility, but Trump plans to reverse course. His team, including SEC chair Paul Atkins and White House crypto czar David Sacks, aims to encourage American leadership in crypto.

Bitcoin hit new records above $107,000 after Trump announced his plan for a strategic bitcoin reserve. Analysts are divided on whether Trump could create the reserve via executive powers or if an act of Congress would be necessary. The Bitcoin Policy Institute has even drafted a potential executive order to establish the reserve.

Trump has also pledged to ensure banks do not “choke” crypto firms out of the traditional financial system. While an executive order could send a signal to regulators, it may not have legal force since federal bank regulators are independent. However, it would indicate the administration’s direction.

Trump’s team is discussing the creation of a crypto industry council and considering how to structure and staff it. Additionally, Trump may address existing crypto regulations with an executive order articulating core principles for crypto regulation. This move could mirror an order issued in 2017 directing regulators to review banking rules.

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