On the first day of his presidential term, Donald Trump plans to sign executive orders concerning the cryptocurrency sector. This was reported by The Washington Post on January 13.
Priority areas
Initially, the orders will focus on addressing the issue of disconnecting crypto companies from banking services and revising the policy on accounting for digital assets. Currently, banks are required to reflect cryptocurrencies as liabilities in their reporting.
'Trump's team has clearly identified this as a priority,' a source familiar with the situation told the publication.
Representatives of the crypto industry have repeatedly accused the administration of current President Joe Biden of pressuring banks to limit crypto companies' access to financial services under the so-called 'Operation Choke Point 2.0'.
This unofficial designation hides a series of regulatory measures that effectively cut cryptocurrency companies off from the traditional banking system. Banks either refused to open accounts for crypto businesses or suddenly closed existing ones, fearing pressure from regulators. The name refers to the infamous Operation Choke Point of 2013, when federal regulators in the U.S. pressured banks to deny services to companies in 'suspicious' industries.
Impact on regulation
Special attention is given to repealing the Securities and Exchange Commission (SEC) requirement to account for crypto assets as liabilities, introduced in March 2022 under Bulletin SAB 121.
According to Reuters, representatives of the crypto industry are actively promoting the idea of issuing relevant executive orders within the first 100 days of Trump's presidency.
Technology team
David Sacks, appointed as an advisor on cryptocurrencies and artificial intelligence, has already met with technical leaders and government officials. They discussed the cancellation of Biden's AI executive order from 2023.
Marc Andreessen, a well-known venture investor in technology and cryptocurrency companies, is also actively involved in shaping the new administration. He regularly visits the president-elect's base in Mar-a-Lago and is involved in candidate selection not only for technology but also for defense and intelligence positions.
Strategic reserve of Bitcoin
During his election campaign, Trump promised to turn the U.S. into the 'cryptocurrency capital' and to create a strategic reserve of Bitcoin.
In mid-December, Strike CEO Jack Mallers stated that Trump intends to declare Bitcoin a reserve asset of the U.S. on the first day of his presidency.
Earlier, Senator Cynthia Lummis proposed a bill requiring the Treasury and the Federal Reserve to acquire 200,000 BTC annually over five years. This would allow the U.S. government to accumulate 5% of the maximum supply of the first cryptocurrency.
