Trump, who has pledged to issue a series of executive orders on his first day in office on January 20, is under increasing pressure to include policies aimed at fostering the growth of cryptocurrency. The proposed actions include creating a national bitcoin reserve, ensuring crypto firms can access banking services, and establishing a specialized crypto industry council, according to sources familiar with the matter.
“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,” said Rebecca Rettig, chief legal and policy officer at Polygon Labs.
In contrast to President Joe Biden’s administration, which imposed strict regulations on crypto due to concerns over crime and market volatility, Trump’s team has signaled a more accommodating stance. His transition team recently announced key appointments, including crypto-friendly Securities and Exchange Commission Chair Paul Atkins and White House crypto czar David Sacks, bolstering optimism within the industry.
“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,” said Trump transition team spokesperson Brian Hughes.
One of the most ambitious proposals involves designating bitcoin as a strategic reserve asset. A draft executive order, prepared by the Bitcoin Policy Institute, outlines plans for the Treasury Department to allocate $21 billion over a year to build a national bitcoin stockpile. However, it remains unclear whether such a move could bypass Congressional approval.
Zack Shapiro, head of policy at the Bitcoin Policy Institute, argued that establishing a bitcoin reserve is vital to maintaining the United States’ competitive edge. “Rather than have the price run up without the United States having any reserves, we should be proactive,” he said.
Trump’s proposed policies also address longstanding frustrations from crypto companies over limited access to traditional banking services. While an executive order encouraging regulators to ease restrictions on crypto firms could signal a shift, experts caution it would carry limited legal authority, as federal banking 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.”
The Trump administration is also exploring the creation of a crypto industry council, modeled after specialized advisory councils established by past administrations. Additionally, there is speculation that Trump could issue an executive order outlining core principles for crypto regulation, similar to his 2017 directive to review banking regulations.
As anticipation builds, all eyes remain on January 20 to see whether the incoming administration will deliver on its promises to reshape America’s crypto landscape.
