The incoming President, Donald Trump, might initiate his presidency by issuing an executive order that classifies cryptocurrency as a top national concern.
According to unidentified sources familiar with the situation, it’s been suggested that the upcoming order may establish a cryptocurrency advisory board and encourage federal agencies to work closely with the digital currency industry. It is possible that the newly reinstated president could endorse this order on January 20th.
It seems that talks are happening about issuing an instruction for all federal departments to reassess their cryptocurrency regulations. There’s also speculation that some lawsuits against significant industry figures could be temporarily halted.
Previously mentioned on crypto.news, it’s anticipated that some of these changes will primarily be driven by the recently established SEC during Trump’s term, with crypto advocate Paul Atkins taking a leading role.
During the tenure of the Biden administration, regulatory bodies have initiated legal actions towards well-known entities such as Binance and Ripple. These actions are based on the contention that several cryptocurrencies meet the criteria for being classified as securities according to the Howey Test.
The application of such regulatory measures and the absence of clear guidelines in the U.S. have posed challenges for cryptocurrency businesses, causing some to seek out more favorable legal environments overseas.
The executive order under discussion also includes a plan for establishing a strategic Bitcoin reserve. This reserve aims to gather and control the U.S. government’s current cryptocurrency assets, estimated to be around $20 billion, predominantly Bitcoin that was obtained through criminal probes.
During his election campaign, Trump expressed interest in positioning the United States as a leading nation in cryptocurrency, aiming to make it the “world’s crypto hub.” Supporters see the idea of a national Bitcoin reserve as a means for combating inflation and addressing the country’s outstanding debt.
As an analyst, I’m thrilled to report that the value of Bitcoin has surged past the $100,000 mark once more. This upward trend seems to be driven primarily by optimistic expectations surrounding President Trump’s upcoming cryptocurrency directive and the general hope for a more favorable regulatory landscape in the future.
Yet, it’s been pointed out that the details might still undergo changes and may not be set in stone until they are officially released.
Market observers anticipate these adjustments will position the U.S. as a dominant force in the cryptocurrency sector once more. According to Kara Calvert, vice president for U.S. policy at Coinbase, these policy changes signal the U.S.’s return and readiness to take charge, as reported by Bloomberg.
“What it’s signaling to other countries is be careful, or you won’t keep up,” she added.
It’s also being reported that Trump might be thinking about a “USA-focused” approach to digital currency reserves, where U.S.-originated cryptocurrencies like Solana, US Dollar Coin (USDC), and Ripple’s XRP would take precedence.
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2025-01-17 11:02