President-elect Donald Trump is set to issue a series of significant executive orders on his first day in office, aimed at reshaping the cryptocurrency sector.
Establishing the Crypto Advisory Council
One of the initial actions will be the creation of a presidential crypto council with about 20 leaders from the cryptocurrency industry. This initiative follows increasing calls for structured dialogue with regulators.
Addressing SAB 121
Another key focus will be the executive orders concerning the SEC's controversial accounting rule, SAB 121, which requires firms holding cryptocurrency to treat clients' digital assets as liabilities.
Proposed Reforms and International Collaboration
The Trump administration plans to form a working group with SEC and CFTC officials to standardize cryptocurrency regulation. There is also discussion on fostering international collaboration on crypto innovation.
The reforms proposed by the Trump administration could significantly influence the development of the crypto industry, offering new opportunities for collaboration and financial services.
