The cryptocurrency industry is urging President-elect Donald Trump to prioritize his campaign promise of overhauling crypto policies by issuing executive orders as early as his first day in office on January 20. These potential directives aim to push cryptocurrency further into the mainstream, according to insiders.
Trump has signaled plans for a wave of executive orders on diverse topics, including immigration and energy. The crypto sector hopes this momentum will extend to their agenda, advocating for measures such as creating a strategic bitcoin reserve, guaranteeing banking access for crypto companies, and establishing a crypto industry council. Insiders suggest one such order may even be unveiled on Inauguration Day, with additional orders expected within the administration’s first 100 days.
“Given the tenor of the campaign, it would be imperative for executive orders to outline clear priorities and provide a roadmap,” said Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs.
Trump’s proposed approach marks a sharp departure from President Joe Biden’s administration, which implemented stringent regulations on the sector, citing concerns over crime and volatility. Trump, branding himself as a “crypto president,” has promised to reverse this stance. His transition team already includes pro-crypto figures such as SEC chair Paul Atkins and White House crypto advisor David Sacks.
In July, Trump unveiled plans to establish a U.S. bitcoin reserve, driving Bitcoin prices above $107,000. Although the cryptocurrency has since dropped below $100,000, the industry remains divided over whether Trump could use executive powers or would need Congress to implement such a reserve. A draft executive order by the Bitcoin Policy Institute proposes spending $21 billion over a year to designate Bitcoin as a strategic reserve asset.
Other anticipated executive actions include directives to prevent banks from excluding crypto firms from the traditional financial system, a longstanding industry grievance. While federal regulators assert that banks are free to work with compliant crypto firms, some executives argue that regulatory pressure has stifled such partnerships. However, analysts caution that executive orders may have limited impact on federal banking regulators, who operate independently.
Additionally, Trump has floated the idea of forming a crypto industry council, which his team is currently exploring. Previous administrations have successfully created similar councils through executive orders.
The broader crypto community is also pushing for an executive order that sets foundational principles for crypto regulation, akin to Trump’s 2017 directive for banking rule reviews. Such an order could encourage regulatory agencies to revisit existing rules to better align with the rapidly evolving cryptocurrency landscape.
“An early executive order articulating core principles for crypto regulation wouldn’t be surprising,” said Jonah Krane, a partner at financial firm Klaros Group. “It would signal the administration’s direction while initiating long-term regulatory adjustments.”
