The U.S. cryptocurrency industry is gearing up for what could be a transformative era as President-elect Donald Trump prepares to take office in January. Dubbed a “crypto president” during his campaign, Trump made sweeping promises to support blockchain innovation and foster a pro-crypto environment. Now, the industry is pushing for immediate action through executive orders that could redefine the landscape.
Crypto Industry’s Wishlist for Day One
Among the proposed executive orders are plans to establish a Bitcoin strategic reserve, ensure cryptocurrency companies have access to banking services, and create a crypto industry council. These measures aim to push digital assets further into the mainstream. Industry insiders believe these moves could be initiated within Trump’s first 100 days, with some expecting announcements as early as January 20.
Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs, emphasized the importance of clear, actionable steps:
“It’s imperative for executive orders to set the priorities and provide a roadmap from day one.”
A Bitcoin Strategic Reserve?
A particularly ambitious proposal involves creating a national Bitcoin reserve. Analysts are debating whether Trump could use executive powers or require Congressional approval for such a measure. The Bitcoin Policy Institute has even drafted a potential executive order that would designate Bitcoin as a strategic reserve asset and allocate $21 billion to build the stockpile.
Zack Shapiro, Head of Policy at the Institute, stressed the urgency:
“The U.S. should lead in monetizing Bitcoin rather than letting geopolitical rivals outpace us.”
Banking Access and Regulatory Clarity
Trump has pledged to stop banks from “choking” crypto companies out of the traditional financial system, addressing long-standing complaints from blockchain firms. While an executive order could signal a shift in approach, experts caution that federal banking regulators operate independently, and immediate change may be unlikely.
The administration is also expected to form a crypto council to advise on policies and potentially review regulations deemed outdated or unsuitable for the digital age. This could mirror past executive orders that set guiding principles for other industries, such as financial services in 2017.
Industry Optimism and Bitcoin’s Rollercoaster
Bitcoin’s price recently surged to an all-time high above $107,000, bolstered by Trump’s campaign promises and the anticipation of a pro-crypto administration. While the price has since dipped below $100,000, the market remains optimistic about the potential impact of Trump’s policies.
Brian Hughes, a spokesperson for Trump’s transition team, reiterated the administration’s commitment to innovation:
“President Trump will deliver on his promise to encourage American leadership in crypto.”
A Transformative Era?
While uncertainties remain—particularly regarding the feasibility of some proposals—the crypto community is eager to see if Trump’s administration will deliver on its promises. Whether through fostering innovation, addressing banking challenges, or building a strategic Bitcoin reserve, the next few months could mark a pivotal moment for digital assets in the U.S.
As the countdown to Trump’s inauguration begins, the crypto industry watches closely, ready for what could be a landmark year.
