Trump plans to prioritize cryptocurrency with executive order, signaling industry-friendly stance

From Investing.com

January 16, 2025 07:42:34 PM:

President-elect Donald Trump is set to sign an executive order prioritizing cryptocurrency, giving industry leaders a role in shaping regulations. This shift could signal a more industry-friendly approach compared to the current administration’s enforcement-heavy strategy. Bitcoin was up 0.4% at $100,285.5.

Under President Biden, federal agencies took action against over 100 crypto firms and restricted banking access. The upcoming order may involve a review of digital asset policies by federal agencies and a potential halt on litigation against crypto firms. It could also lead to a national Bitcoin stockpile using confiscated holdings.

Trump, a vocal supporter of crypto, aims to position the U.S. as a global leader in digital assets. The order, if issued, would align with recent moves by major financial players like BlackRock and BNY Mellon launching crypto products. Bitcoin surged to a record high above $108,000 last month on optimism surrounding Trump’s pro-crypto stance.

The executive order is still in discussion and subject to change. The order may establish a crypto advisory council to advocate for industry-friendly policies and promote a warmer stance towards digital assets. This marks a significant shift in the U.S. government’s approach to cryptocurrency regulation.

Read more at Investing.com: Bitcoin above $100k as Trump reportedly plans crypto push By Investing.com