Donald Trump is expected to sign an executive order designating cryptocurrency as a national priority. This is anticipated to happen on the first day of his presidency and will include the establishment of a crypto advisory council.
A Move Toward Crypto Regulatory Clarity
The creation of a crypto advisory council could prove beneficial for the sector, says Ron Hammond, senior director of government relations at the Blockchain Association. The council will provide an opportunity for key stakeholders to raise concerns and offer recommendations to improve the industry's relationship with regulators.
The Bitcoin Reserve
Among the ambitious proposals, the new administration is considering the potential creation of a national Bitcoin reserve. The administration may utilize digital assets seized through law enforcement actions for a strategic reserve. This proposal has gained support among crypto advocates who see Bitcoin as a tool to enhance the country's economic position.
Trump's Continued Support for Crypto
Trump has long been a supporter of the crypto space and includes promises to strengthen the US position in the crypto sector. The new administration plans to review the SEC's actions against crypto companies and considers ending litigation not involving fraud.
The anticipated moves by the Trump administration signify a significant shift from the previous government's approaches, focusing on establishing more friendly relations with the crypto industry.
