Photo: Ryan M. Kelly
Key Takeaways
- Donald Trump plans to prioritize crypto as a key policy area through an executive order.
- The move marks a shift from the Biden administration's management approach toward a more supportive stance on crypto.
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President-elect Donald Trump plans to issue an executive order prioritizing crypto as a top policy area, according to Bloomberg report.
The order could come as early as Monday and would establish a crypto advisory council to bring business perspectives into the administration.
The move represents a departure from the administration of President Joe Biden. During his tenure, more than 100 enforcement actions were taken against crypto companies, including high-profile cases involving FTX and Binance.
The administration also implemented policies that restricted crypto companies' access to banking services.
The planned executive order would require all government agencies to review their digital asset policies and could halt ongoing lawsuits against companies such as Ripple Labs and Binance .
It could also establish a national Bitcoin stockpile, consolidating the roughly $20 billion in Bitcoin that the US government currently holds from various investigations, according to Arkham Analytics. data.
Trump's support for crypto appeared throughout his presidential campaign, including his appearance at the Bitcoin conference in July where he promised to make the US a global crypto leader.
His family has launched crypto ventures, including World Liberty Financial, focused on crypto earnings and lending.
according to data from Arkham, World Liberty Financial holds nearly $4 million on Ethereum, $1.9 million on Aave, $1.8 million on Chainlink, and $670,000 on ENA.
The crypto sector expanded under Biden despite regulatory challenges, with major financial institutions like BlackRock and BNY Mellon entering the market.
BlackRock launched a Bitcoin spot and ETF last year, while Cantor Fitzgerald announced plans for a Bitcoin financing business.
The industry plans to host an “Inaugural Crypto Ball” in support of Trump, highlighting the political influence of crypto in Washington.
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