Donald Trump, the new President of the United States, is expected to sign a series of executive orders on cryptocurrency on his first day in office to revive the industry after a long period of pressure from the previous administration. Below are the highlights of his ambitious plan:
Repeal Controversial SAB 121 Regulations
The crypto custody regulation (SAB 121) was controversial as it required financial institutions to record customers' cryptocurrency assets as liabilities. The House and Senate voted to repeal this regulation in 2024, but President Joe Biden used his veto power to keep it in effect.
Donald Trump is committed to signing an order requiring the SEC to cancel #SAB121 , reducing legal burdens and encouraging financial institutions to engage more deeply in the crypto field. This is seen as a strategic move to promote innovation and attract investment to the industry.
Establishing the Crypto and AI Advisory Council
Trump intends to establish a Crypto and AI advisory council, making its first appearance at the White House. This council will include leaders from top technology and finance companies, tasked with advising on policies regarding crypto and blockchain.
Bo Hines, a former Republican candidate, has been appointed as the Executive Director of the Council, under the guidance of David Sacks, an experienced advisor in the crypto and AI fields. The Council will work closely with the CFTC to empower the agency in regulating cryptocurrency, easing the oversight from the SEC.
Bitcoin Reserve Fund: An Ambitious Move
Trump is committed to establishing a Bitcoin reserve fund as part of a strategy to protect the USD. He believes that Bitcoin could help the U.S. eliminate its $38 trillion national debt and aims to raise the price of Bitcoin to $150,000 during his term.
However, experts like Mike Novogratz argue that this move could cause conflict between government branches and be difficult to implement.
Pardon for Ross Ulbricht, Founder of Silk Road
Trump is expected to pardon Ross Ulbricht, the founder of the Silk Road dark web marketplace, who is currently serving a life sentence. This is seen as a symbolic action, affirming support for individuals criticized during the history of Bitcoin's development.
Other Orders Under Review
In addition to these policies, #TRUMP also plans:
1. Promote international cooperation on crypto through the U.S. State Department.
2. Withdraw restrictive regulations on SEC's DeFi projects.
3. Ensure access to banking services for cryptocurrency companies.
The Future of Crypto Under Trump
Although significant changes will take more time to finalize, these orders reflect the Trump administration's strong commitment to promoting the development of the cryptocurrency industry.
(Note: This article is for informational purposes only and is not investment advice.)