The cryptocurrency industry is urging President-elect Donald Trump to deliver on his campaign promises to overhaul crypto policy when he takes office on Jan. 20, aiming to push digital assets into the mainstream through executive actions.
Industry officials are advocating for Trump to issue executive orders within his first 100 days, including measures to establish a strategic bitcoin reserve, ensure crypto firms have access to banking services, and create a federal crypto council. At least one of these orders could come as soon as Inauguration Day, according to sources familiar with the discussions.
“Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap,” said Rebecca Rettig, chief legal and policy officer at crypto company Polygon Labs.
Trump’s team has signaled its intent to promote a pro-crypto agenda, appointing crypto-friendly figures such as Paul Atkins, the new chair of the Securities and Exchange Commission (SEC), and David Sacks as the White House’s crypto czar.
“There has been an effort in the Washington bureaucratic swamp to stifle innovation,” said Trump transition team spokesperson Brian Hughes. “President Trump will deliver on his promise to encourage American leadership in crypto.”
The cryptocurrency sector has faced increased scrutiny under President Joe Biden’s administration, with regulators cracking down on crime and market volatility. Trump has pledged to reverse course, aligning his policies with his campaign pledge to become a “crypto president.”
Bitcoin prices soared to record highs above $107,000 earlier this month after Trump reiterated plans for a strategic bitcoin reserve, unveiled during a July campaign speech. However, the price has since fallen back below $100,000.
As Trump’s inauguration approaches, the industry is hopeful his early actions will pave the way for a friendlier regulatory environment, spurring innovation and solidifying the U.S. as a global leader in cryptocurrency.