President Trump plans to issue a series of executive orders on his first day in office, focusing on the cryptocurrency sector. Key changes include creating a council and repealing the controversial SAB 121 rule.
Establishing a Presidential Crypto Council
Trump is expected to establish a presidential crypto council comprising approximately 20 industry leaders. These leaders will provide support and advise the president on digital asset matters.
Addressing SAB 121
Trump's executive orders could repeal the SEC's SAB 121 rule, which requires firms holding cryptocurrency to account for it as a liability on balance sheets—a rule that many view as complicating financial reporting.
Proposed Reforms and International Collaboration
The Trump administration is also considering the creation of a crypto working group and fostering international cooperation to support digital asset innovation. Additionally, there are proposals to address the 'de-banking' issue in the crypto sector.
These initiatives reflect the Trump administration's commitment to changing the approach to cryptocurrency regulation, supporting the growth and development of the sector in the U.S.