President Trump plans to reform the US cryptocurrency sector. Among his first actions may be the creation of a presidential crypto council and the repeal of the controversial SEC rule, SAB 121.
Establishment of a Presidential Crypto Council
Trump is expected to establish a presidential crypto council comprising about 20 leaders from the digital asset industry. This council will provide policy guidance and help shape the industry's direction during Trump's term.
Addressing SAB 121
A key focus of Trump's first-day executive orders will be on the Securities and Exchange Commission's rule, SAB 121, which requires firms to treat clients' digital assets as liabilities. Trump may repeal this rule, a move likely welcomed by the industry.
Proposed Reforms and International Collaboration
In addition to the council and SAB 121, Trump’s administration is considering a crypto working group to regulate digital assets alongside the SEC and CFTC. International engagement for promoting cryptocurrency innovation is also on the agenda.
Trump's plans for the cryptocurrency sector may lead to significant changes in regulation and the industry's interaction with the traditional financial system.
