Crypto Industry Awaits Early Enforcement Orders from Donald Trump

The crypto industry is urging Donald Trump's team to implement changes to cryptocurrency policies that he has committed to as president next month. Officials in the industry hope that he will use executive orders to promote the adoption of cryptocurrencies. According to Reuters, Trump is expected to sign numerous executive orders and directives on his first day in office, with topics including immigration and energy. During his campaign, he garnered support from the crypto community with promises to become the "crypto president". The industry expects you to fulfill that commitment by issuing executive orders, including building a Bitcoin reserve fund, providing crypto businesses with access to banking services, and establishing a Crypto Council. Two sources said they had called for the issuance of these executive orders within the first 100 days of the Trump administration and hoped that at least one order would be signed on January 20, 2025. Rebecca Rettig, legal and policy director of Polygon Labs, believes that executive orders need to clearly outline key priorities from the outset and set a clear path forward. While the Biden administration has tightened regulations on crypto companies, concerned about crime and instability, Trump promised to change this. His cryptocurrency policy team, including SEC Chairman Paul Atkins, who is friendly to the crypto industry, and crypto czar David Sacks, was announced earlier this month. Brian Hughes, spokesperson for Trump's power transfer group, said the current Washington administration has sought to hinder innovation, but "President Trump will fulfill his promise to promote U.S. leadership in the crypto field." Introduction to Bitcoin Reserve Fund Bitcoin, the leading cryptocurrency, reached a record high of over $107,000 this month after Trump reaffirmed his plans to create a strategic Bitcoin reserve fund, an initiative he mentioned in a speech back in July. However, the value of Bitcoin subsequently dropped below $100,000. Experts are still debating whether Trump can use executive power through the Treasury Department to establish a Bitcoin reserve fund or whether Congress needs to pass new laws. The Bitcoin Policy Institute, a group in the crypto industry, has drafted an executive order that Trump could use to establish a Bitcoin reserve fund. This order would designate Bitcoin as a strategic reserve asset and require the Treasury Secretary to spend $21 billion in a year to build this reserve fund. Zack Shapiro, Director of Policy at the Bitcoin Policy Institute, believes that the US should take the lead in using Bitcoin so as not to fall behind political rivals. However, he did not disclose whether this group shared the draft with Trump's group or not. Issues on Banking and Electronic Money In July, Trump declared that he would not allow banks to 'restrain' cryptocurrency companies from participating in the traditional financial system. Many crypto executives hoped he would resolve the issue through an executive order. Cryptocurrency companies often complain that banks refuse to cooperate with them due to concerns about strict regulations. Although regulatory authorities have stated that banks can cooperate with crypto companies as long as they comply with the law, there is still significant apprehension. Some CEOs warned that even if Trump signs an executive order requiring banking regulators to loosen cryptocurrency regulations, this would mainly serve as a signal of intent and provide political support. However, they believe there will be no immediate change because federal banking regulators are still independent agencies and not directly subject to executive orders. Establishing Crypto Council Trump also plans to establish the Crypto Council, and his team is currently reviewing the structure and personnel of this council. Industry CEOs have said that previous governments have established special councils through executive orders, and this could be a direction that Trump will choose. In addition, Trump may address the crypto community's concern that current regulations do not align with the industry by issuing an executive order, outlining key principles for crypto management. This would be a similar step to the order he signed in 2017, requiring regulatory agencies to review banking rules. Jonah Krane, a partner at Klaros Group, said: I would not be surprised if you see an executive order right from the start directing agencies to review their rules in this area. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)