President-elect Donald Trump plans to sign an executive order on cryptocurrency regulation on his first day in office. Together with crypto advisor David Sacks, Trump's team is developing policies aimed at improving conditions for the crypto industry.
Executive Order Objectives
The primary goal of the order will be to address the issue of 'debanking,' where banks terminate accounts of cryptocurrency companies for political reasons. The order may also aim to overturn Staff Accounting Bulletin 121, which mandates that companies classify digital assets as liabilities. This move seeks to remove unnecessary regulations and taxes to foster innovation in the crypto sector.
Initiative Participants
David Sacks, serving as a crypto advisor, is collaborating with industry leaders to develop new policies. Trump and Sacks aim to support the growth of the cryptocurrency sector in the U.S., facilitating technological and entrepreneurial development.
Support for Cryptocurrency Industry
Brian Hughes, a representative for Trump's transition team, emphasized the administration's focus on protecting online free speech, minimizing censorship from major tech companies, and creating a favorable legal environment for the crypto industry. The administration plans to appoint technology-minded leaders across various government agencies. Reports indicate Trump owns a significant amount of Bitcoin.
Trump's administration strategy focuses on advancing the cryptocurrency sector by removing barriers and supporting innovation, which could significantly alter the regulatory landscape in the U.S.
