Trump considers issuing an executive order to create a Bitcoin reserve using seized funds.
Potential Executive Order
According to reports, Trump is considering an executive order to establish a Bitcoin reserve by utilizing seized BTC. The potential order could be signed as soon as today, March 7.
Implications for the Crypto Industry
For many in the crypto world, such a move symbolizes a significant shift in the political landscape, especially following the regulatory actions after the collapse of FTX. JP Richardson, CEO of digital wallet provider Exodus Movement Inc., mentioned, "This represents a turning point for the industry. The Biden administration has been actively hostile to our industry. Now being in the White House, discussing crypto policy with the president, shows that this administration takes crypto seriously."
Future Steps and Discussions
Sources familiar with the matter suggest that the summit is likely serving as a platform for several crypto-focused executive actions. Possibilities include the government halting the sale of confiscated cryptocurrencies and instead using them to create a national stockpile. The creation of a special Bitcoin reserve, potentially involving further purchases of the digital currency, is also on the table. Additionally, potential regulations regarding the tax treatment of cryptocurrencies are being explored, but these would likely require Congressional review and approval. It’s important to note that these actions are still under discussion and subject to change.
The discussion of an executive order to create a Bitcoin reserve highlights the changing attitude towards cryptocurrencies at the governmental level.
