As President-elect Donald Trump takes office on January 20, he is expected to prioritize Bitcoin through an executive order. This directive would direct US regulatory authorities to collaborate closely with the cryptocurrency business, potentially resulting in the formation of a new advisory council to represent the sector’s interests.
The anticipated executive order is seen as part of Trump’s larger goal to establish the United States as a leader in the digital asset field, a vision he articulated during his campaign. The formation of a crypto advisory council would give the industry a formal route for influencing policy, ensuring that crypto executives had a voice in crafting future laws.
Trump has long been a prominent advocate of the cryptocurrency movement, promising to make the United States a “crypto capital.” We expect this executive order to stand in stark contrast to the previous Biden administration’s stance on cryptocurrencies, which was more critical of the business and took multiple enforcement measures against it. In addition to the advisory council, Trump’s administration may reexamine unpopular laws, such as the SEC’s accounting guidance for cryptocurrencies.
Crypto proponents are optimistic that the incoming administration would stimulate innovation and ease business limitations. As part of his policies, Trump may consider establishing a strategic Bitcoin reserve, which may strengthen the United States’ position in the global cryptocurrency market.
