The cryptocurrency industry is eagerly anticipating President-elect Donald Trump’s first actions as he takes office next month, with many insiders pushing for decisive executive orders to fulfill his campaign promises of supporting crypto innovation. Trump’s plans to issue sweeping executive orders on his inaugural day, January 20, could potentially include measures aimed at mainstreaming cryptocurrencies, according to industry officials.
Throughout his campaign, Trump positioned himself as a champion for digital assets, promising to be a “crypto president.” Industry stakeholders are now urging him to back that rhetoric with action, proposing measures such as creating a bitcoin stockpile, ensuring crypto companies can access banking services, and establishing a dedicated cryptocurrency council.
Rebecca Rettig, chief legal and policy officer at Polygon Labs, emphasized the importance of setting clear priorities early on. “Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap,” Rettig said.
Trump has pledged to reverse the regulatory crackdown imposed by the Biden administration, which had targeted the crypto industry over concerns about crime and volatility. His transition team’s recent appointments of crypto-friendly figures, including Securities and Exchange Commission Chair Paul Atkins and White House crypto advisor David Sacks, signal a potential shift in regulatory attitudes.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation… but President Trump will deliver on his promise to encourage American leadership in crypto,” Brian Hughes, a spokesperson for Trump’s transition team, stated.
One of Trump’s most ambitious proposals involves the creation of a strategic bitcoin reserve, an idea he first floated in July. Bitcoin prices surged to record highs above $107,000 following Trump’s announcement, though they have since retreated below $100,000. However, analysts are divided on whether Trump can implement such a measure through executive powers or if it would require Congressional approval.
The Bitcoin Policy Institute, a prominent industry group, has already drafted a potential executive order for establishing the reserve. The proposed text would classify bitcoin as a strategic asset and mandate the Treasury Secretary to allocate $21 billion over a year to build a national bitcoin stockpile. “The United States should get ahead of geopolitical rivals in monetizing bitcoin, rather than have the price run up without the United States having any reserves,” said Zack Shapiro, the institute’s head of policy.
Another pressing issue for the crypto industry is its strained relationship with traditional banking. Many firms complain about being denied access to banking services due to regulatory scrutiny, despite federal guidance allowing banks to serve compliant crypto businesses. Trump has pledged to address this, with industry insiders expecting an executive order aimed at easing these tensions. However, financial experts caution that such orders would carry more political weight than legal authority, as federal bank regulators operate independently.
“(They) are not going to change policy on the ground on day one,” noted Jonah Krane, partner at financial firm Klaros Group. “But they will tell you what direction this administration wants to head.”
In addition to these measures, Trump has proposed creating a crypto industry council to foster collaboration between stakeholders and policymakers. Industry leaders hope the council will mirror specialized advisory bodies established by past administrations through executive orders.
With the clock ticking down to January 20, all eyes are on Trump’s next steps, as the cryptocurrency industry looks to Washington for signals of a new era in digital asset innovation.
