Trump's Bold Executive Order: A Game Changer for Cryptocurrency?

Trump Set to Elevate Crypto's Status

President-elect Donald Trump is preparing to sign an executive order that could significantly shift the government's stance on cryptocurrency. According to a Bloomberg report, this order may be issued as soon as Monday and aims to classify crypto as a "national imperative or priority".

Encouraging Collaboration

This executive order is expected to encourage government agencies to collaborate with the cryptocurrency industry. It could also establish a crypto advisory council, enabling direct communication between crypto executives and the White House, a promise made during Trump's campaign.

A Shift in Sentiment

This move represents a stark contrast to the current administration's approach, which has been characterized by a crackdown on crypto activities, largely led by SEC Chair Gary Gensler, who is set to step down on inauguration day. Industry leaders believe that embracing cryptocurrency could foster American innovation in the sector.

Voices from the Industry

Kristin Smith, CEO of the Blockchain Association, expressed her optimism regarding this directive. She stated, “As the most pro-crypto president in history, president-elect Trump has a chance to tell the federal government: crypto is something we should embrace, not punish.”

Trump's Crypto Journey

Once skeptical of Bitcoin, Trump has shown a renewed interest in digital currencies, engaging with crypto voters and promising to create a national Bitcoin reserve. He has also connected with key figures in the industry, including Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong.

Pro-Crypto Cabinet Picks

In line with his campaign promises, Trump has appointed several individuals known for their crypto-friendly views to his cabinet, including tech billionaire Elon Musk and Paul Atkins as SEC chair, aiming to create a more favorable regulatory environment for cryptocurrencies.