President-elect Donald Trump's return to the White House on January 20 may begin with a series of executive orders impacting the crypto industry.
Trump's Return and Crypto Policy
According to The Washington Post's report from January 13, Trump is expected to address crypto-related policies immediately after taking office. These include measures targeting crypto de-banking and the repeal of a banking accounting rule that mandates banks holding cryptocurrencies to list them as liabilities.
Criticism of Biden Administration
Critics of President Joe Biden's administration have alleged that financial regulators were used to pressure banks into severing ties with the crypto industry, a move dubbed 'Operation ChokePoint 2.0'. Additionally, crypto leaders have been pushing back against the controversial SEC Staff Accounting Bulletin (SAB 121) issued in March 2022, which introduced the requirement to report crypto as a liability.
Trump's Plans and Industry Support
During the Bitcoin 2024 conference, Trump promised to make the United States a global 'crypto capital,' reiterating his commitment to supporting the industry. Reports from Reuters on December 23 indicated that crypto industry advocates were urging Trump to issue executive orders on crypto during his first 100 days in office, with some expecting immediate action on his first day. Trump also plans to revoke Biden's 2023 AI executive order, criticized by conservatives for emphasizing equity in AI operations.
Donald Trump's return to the White House may significantly alter crypto policy, creating a new direction for the crypto industry.
