Donald Trump is set to prioritize the cryptocurrency industry with an executive order aimed at elevating crypto as a national imperative and establishing a crypto advisory council. The order is expected to signal a shift from the current regulatory climate under President Joe Biden, which has seen increased scrutiny of the crypto sector. The order is also considering a national bitcoin stockpile and a halt to ongoing litigation involving crypto.
Donald Trump is poised to prioritize the cryptocurrency industry upon his return to the White House with a planned executive order elevating crypto as a key policy focus. The order, according to sources familiar with its details, aims to designate crypto as a national imperative, effectively directing government agencies to collaborate with the industry.
Furthermore, the executive order is expected to establish a crypto advisory council, a platform for industry representatives to advocate for their policy objectives. This move would represent a significant shift from the current regulatory climate under President Joe Biden's administration, which has seen intensified scrutiny of the crypto sector following a series of high-profile fraud cases, including the collapse of the FTX exchange. Federal agencies have launched over 100 enforcement actions against the industry in recent years, and banking regulators have imposed obstacles on crypto companies seeking to partner with financial institutions. The executive order, potentially unveiled as early as Monday, is still under development and subject to change. However, it reportedly includes provisions for all government agencies to review policies pertaining to digital assets and potentially suspend any ongoing litigation involving crypto. Industry leaders are particularly eager to see an end to legal actions targeting prominent companies like Binance and Ripple Labs. Moreover, the order is considering the creation of a national bitcoin stockpile, encompassing the government's existing holdings of the world's largest cryptocurrency, currently valued at nearly US$20 billion, seized during various investigations. This initiative has fueled bitcoin's recent rally, which has surged by 44% to nearly $100,000 since the November election.Trump's planned support for the crypto industry aligns with his campaign promises to position the US as the global leader in this burgeoning sector. He has consistently expressed support for crypto during his campaign, even headlining a bitcoin conference where he pledged to make the US the crypto capital of the world. Trump's long-standing involvement with the industry, including his own NFT collections and a crypto venture called World Liberty Financial, further solidifies his position as a champion for crypto's adoption and growth.
Business Finance CRYPTOCURRENCY REGULATION EXECUTIVE ORDER DONALD TRUMP BITCOIN NATIONAL STOCKPILE DIGITAL ASSETS
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