Key Points:
- President-elect Donald Trump plans an executive order naming cryptocurrency a national priority.
- The directive could reverse Biden-era crackdowns on crypto, which included over 100 enforcement actions.
President-elect Donald Trump will reportedly prepare an executive order so that cryptocurrency gains the status of a national priority.
Read more: Trump’s Crypto Reserve: Strategic US Coin Reserve Considered
Executive Order to Elevate Cryptocurrency as a National Priority by President-elect Donald Trump
The directive aims to classify crypto as a strategic priority, compelling various government agencies to work with the industry. It also prescribes a new crypto advisory board championing the industry’s policy demands, according to Bloomberg.
The move reflects the crypto industry’s strong support of President-elect Donald Trump, which has amassed clout in Washington through a series of well-funded political action committees.
Major companies like Coinbase and Ripple have donated six-figure sums to help underwrite Trump’s inauguration festivities. In a display of the industry’s goodwill, it is hosting an “Inaugural Crypto Ball” on Friday, days before Trump is sworn in.
Possible Freeze on Litigation Gives Crypto Companies Reprieve
The move would sharply contrast with the Biden administration’s toughened crypto stance. Under the Biden presidency, greater oversight of the sector has taken place following a series of scandals, including the implosion of the FTX exchange.
Federal agencies, including the Securities and Exchange Commission, filed more than 100 enforcement actions against crypto firms while banking regulators made it hard for the companies to reach traditional financial systems.
Discussions also include the inclusion of a mandate that government agencies re-evaluate the policies on digital assets and consider pausing ongoing litigation against crypto firms, likely including major players such as Binance and Ripple Labs.
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