US President-elect Donald Trump plans to recognize cryptocurrencies as one of the priorities of his own policy through a separate decree, which will provide considerable preferences to market participants.
Points of attention
- Trump is preparing a separate executive order on cryptocurrency, designating it as a national priority, which could bring considerable benefits to market participants.
- The creation of a cryptocurrency advisory board and the potential national Bitcoin reserve signal a significant shift in the US government's approach to digital currencies.
- Trump's influence on the cryptocurrency market is evident, with Bitcoin experiencing a notable price surge following his US election victory.
- Potential suspension of existing lawsuits against cryptocurrency companies and the consideration of a national Bitcoin reserve reflect Trump's efforts to stimulate the US economy through supporting cryptocurrencies.
- Trump's decision regarding cryptocurrencies may unlock new opportunities for the growth of digital financial technologies and act as a catalyst for the US economy.
What is known about Trump's preparation of a separate policy on cryptocurrency
According to the publication, the decree will define cryptocurrency as a national imperative, calling on government agencies to cooperate with representatives of this sphere.
In addition, it is planned to create a cryptocurrency advisory council that will represent the political interests of cryptocurrency market participants.
The decree will demonstrate a radical change in the US government's attitude towards cryptocurrencies, which have become the subject of high-profile investigations during Joe Biden's presidency.
It is noted that over the past few years, federal agencies, including the Securities and Exchange Commission, have filed more than 100 enforcement actions against representatives of the cryptocurrency sector.
At the same time, banking regulators have made it difficult for cryptocurrency companies to interact with financial institutions.
How Trump wants to stimulate the US economy by supporting cryptocurrencies
The publication's sources note that the issue of adding an order to the decree is currently being discussed, according to which all state institutions will have to reconsider their attitude towards cryptocurrency and suspend existing lawsuits against representatives of this sphere.
The cancellation of the investigation against a number of cryptocurrency companies, in particular, the Binance crypto exchange, is one of the key priorities for the digital currency market.
At the same time, Trump is considering the option of creating a national bitcoin reserve, which would include existing government reserves of this cryptocurrency.
Arkham analysts note that the US government currently holds around $20 billion worth of Bitcoin cryptocurrency assets, which have been seized as part of various investigations.
After Trump won the US election, Bitcoin increased in price by almost 50%.
The token more than doubled in price in 2024. As of 11:20 a.m. on January 17, New York time, it was trading up almost 5% at $104,691.
Trump has promised to issue a slew of executive orders covering a wide variety of industries and issues within his first few days in office.
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