President Trump makes virtual currency a priority with executive order

President-elect Donald Trump may sign an executive order when he is sworn into office on January 20. The executive order may also establish a virtual currency advisory board, people familiar with the matter said. stated that it is not final and is subject to change prior to publication.

US President-elect Donald Trump is reportedly planning to sign an executive order aimed at prioritizing cryptocurrencies as Inauguration Day approaches.

The order will allow industry players to cooperate with government regulators, people familiar with the matter said. According to Bloomberg, there is also the possibility of establishing a virtual currency advisory board.

According to previous reporting by The Washington Post, President Trump on his first day in office focused on debanking cryptocurrencies and repealing crypto accounting policies that require banks that hold digital assets to record them as liabilities. It has been suggested that the United States is planning to sign an executive order.

Trump, who will be inaugurated on January 20th, has strong support from the cryptocurrency industry. During his campaign, he pledged to make the US the world’s “crypto asset” and received $2 million in Bitcoin donations from Cameron and Tyler Winklevoss and $1 million from Kraken co-founder Jesse Powell. received Ethereum donations. .

Since winning the US presidential election in November, the cryptocurrency market has rebounded, with Bitcoin hitting a new all-time high of over $108,000.

President Trump will also appoint crypto czar David Sachs, Beau Hines as executive director of the Presidential Advisory Council on Digital Assets, and Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC) in the next administration. , selected several pro-cryptocurrency candidates. .

Earlier this week, SEC Republican commissioners indicated they would review the agency’s crypto policy as President Trump prepares to enter the White House next week.

promote American technology

Despite facing regulatory hurdles, the cryptocurrency market has also seen positive growth under President Joe Biden’s administration.

For example, in early 2024, the SEC approved the first spot exchange-traded fund (ETF) in the United States, and the market has expanded since then. According to iShares data, BlackRock’s IBIT Bitcoin ETF currently has more than 559,000 Bitcoin invested, equating to a value of $56.2 billion.

However, with the inauguration of his new administration, President Trump is keen to push American technology companies to the forefront.

Kara Calvert, vice president of U.S. policy at Coinbase Global, said: What it tells other countries is to be careful or you won’t be able to catch up. ”

As of this writing, Bitcoin is back within the $100,000 area and trading around $102,000.