US President-elect Donald Trump is set to sign an executive order designating cryptocurrency as a national priority. This order, expected on January 20, will lay the groundwork for establishing a crypto advisory council.
A Move Toward Crypto Regulatory Clarity
Ron Hammond, senior director of government relations at the Blockchain Association, believes that the creation of this council could be beneficial for the crypto sector. It would allow key stakeholders to express their concerns and offer recommendations on improving the industry's relationship with regulators. While the details remain unclear, the order is anticipated to set a supportive tone for crypto innovation, pushing for clarity and reform in crypto regulations, particularly regarding digital asset management.
The Bitcoin Reserve Idea
One of the more ambitious proposals is the creation of a national Bitcoin reserve by the incoming administration. Currently, the US government holds approximately $20 billion in cryptocurrencies, including Bitcoin, seized through law enforcement actions. Some industry experts and legislators, including the Bitcoin Policy Institute, advocate using these assets to create a strategic Bitcoin reserve to address the national debt and enhance the country's global economic position.
Reevaluating Legal Proceedings Against Crypto Firms
Under Trump's administration, legal proceedings against crypto firms could undergo significant changes. The Securities and Exchange Commission (SEC) may reconsider its actions, including the case against Ripple Labs. According to Stuart Alderoty, Ripple's chief legal officer, the agency may drop cases against crypto firms that do not involve fraud allegations.
The expected policies under Trump's administration signal a reevaluation of current crypto policies, the potential for greater integration of digital assets into the US economy, and recognition of cryptocurrencies as an important strategic asset.
