Former President Donald Trump is poised to make a bold move in cryptocurrency policy through an executive order that would establish digital assets as a key national priority, according to recent reports from Bloomberg.
The planned executive order, which could be signed as early as Monday, represents a dramatic shift from the regulatory approach of the Biden administration. While the current administration has pursued over 100 enforcement actions against crypto firms, Trump's strategy aims to embrace and advance cryptocurrency development in the United States.
Key aspects of the proposed order include:
- Creation of a crypto advisory council to incorporate industry perspectives into policy decisions
- Government-wide review of existing digital asset regulations
- Potential pause on ongoing litigation against crypto companies
- Establishment of a national Bitcoin reserve using approximately $20 billion in Bitcoin currently held by the US government
The move aligns with Trump's campaign promises to position the United States as a global leader in cryptocurrency. His support for the sector was evident during his appearance at a Bitcoin conference last July, where he outlined his vision for American crypto leadership.
The crypto industry has shown enthusiasm for Trump's approach, planning an "Inaugural Crypto Ball" in his support. This comes as major financial institutions have already begun expanding their presence in digital assets - BlackRock launched spot Bitcoin and Ether ETFs last year, while BNY Mellon and Cantor Fitzgerald have initiated crypto-focused ventures.
The executive order could particularly impact the government's handling of seized cryptocurrency assets. Rather than selling confiscated Bitcoin, the administration may opt to retain and expand these holdings as part of a strategic reserve.
This policy shift occurs as institutional adoption of cryptocurrency continues to grow. Several state governments, including Texas, Ohio, and New Hampshire, are exploring their own cryptocurrency initiatives, while pension funds in Wisconsin and Michigan have begun incorporating digital assets into their portfolios.
The proposed executive order remains under discussion and may undergo changes before implementation. However, its core aim of elevating cryptocurrency to national priority status signals a major transformation in US digital asset policy.