President-elect Donald Trump may issue several executive orders related to cryptocurrencies on Inauguration Day in an effort to mainstream the industry, anonymous sources told The Washington Post. be.
If the presidential order is issued, it will address the issue of “debanking” (the practice of banks suspending services to people involved in cryptocurrencies, which became prominent after the collapse of the virtual currency exchange FTX), and force banks to provide virtual currency services. It is hoped that the policy that mandates ownership will be abolished. It is recorded as a liability on the balance sheet.
“The Trump campaign has made it clear that this is a priority,” the source said. said The Washington Post.
To all our great Bitcoiners, we would like to congratulate you on the 16th anniversary of the publication of Satoshi’s white paper. We will end Kamala’s crypto wars and Bitcoin will be made in the USA! Vote for Trump! #bitcoin #freelossdayone
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Among the first executive orders the president-elect may issue is the creation of a presidential “Crypto Council” that will include mostly technology founders, CEOs and anonymous sources. said Decrypt. A further potential executive order would seek to repeal the aforementioned SAB 121, a Securities and Exchange Commission (SEC) rule that prevents banks from holding digital assets. President Joe Biden exercised the right of veto A bill to repeal SAB 121 was introduced in May. (Related): Bob Rubin: What the market is saying about the election
trump who said In 2019, virtual currency was “not money” and “existed in the middle of nowhere,” but through the 2024 presidential election, we hope to deepen our friendly relationship with the industry and promote a more cryptocurrency-friendly regulatory environment. , promised to potentially position the United States as a leader in digital assets. space. Bitcoin soared more than 40% to more than $100,000 in the month following his election last November.
The president-elect also likened the cryptocurrency space to “the steel industry of 100 years ago” at the annual meeting, pledging to make the United States “the crypto asset of the planet.” bitcoin conference In July.
The incoming Trump administration’s warm relationship with AI and cryptocurrencies comes as major companies such as BlackRock and Fidelity, which created a Bitcoin exchange-traded fund (ETF) for retail and institutional investors, are entering the industry. is consistent with
With less than a week until President Trump’s inauguration, Bitcoin’s price is hovering around $96,000.
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