Incoming president Donald Trump plans to significantly impact the cryptocurrency industry with a series of executive orders aimed at reducing regulatory burdens and promoting digital asset adoption. These orders are expected to include the formation of a crypto advisory council, the reversal of the SEC's 'SAB 121' accounting guidance, and the termination of 'Operation Choke Point 2.0'.
President-elect Donald Trump is poised to make a significant impact on the cryptocurrency industry during his first days in office. According to three sources privy to his plans, Trump intends to leverage his executive authority to alleviate the regulatory hurdles faced by crypto companies and accelerate the adoption of digital assets.
Trump, who actively courted crypto support during his campaign, pledging to become a 'crypto president,' is expected to sign an executive order establishing a crypto advisory council. This council, a concept he first introduced in July, could comprise up to 20 members and serve as a key resource for guiding the government on crypto-friendly policies. Bloomberg News was the first to report on Thursday that Trump was contemplating this executive order, emphasizing its potential to shape a more favorable regulatory environment for the crypto industry.Beyond the advisory council, Trump's team is also exploring the use of executive orders to address specific regulatory concerns plaguing the crypto sector. One such initiative involves rescinding the Securities and Exchange Commission's (SEC) 2022 accounting guidance known as 'SAB 121.' This guidance has been criticized by some crypto companies, particularly banks, for imposing excessive costs associated with holding cryptocurrencies on behalf of third parties. By reversing this directive, Trump aims to create a more accessible and welcoming environment for financial institutions to engage with the crypto space.Furthermore, Trump is expected to order the termination of 'Operation Choke Point 2.0,' a term widely used by crypto executives to describe what they perceive as a concerted effort by bank regulators to restrict crypto companies' access to the traditional financial system. This operation allegedly involves directing banks to deny services to crypto-related businesses, effectively hindering their operations. By ending this initiative, Trump intends to break down barriers and foster greater inclusion for crypto companies within the established financial framework. The sources emphasize that the overarching objective of these policy directives is to send a clear and powerful message of support for digital asset adoption from the outset of the new administration. If successfully implemented by the relevant regulatory bodies, these measures could significantly propel cryptocurrencies into mainstream acceptance.
CRYPTOCURRENCY REGULATION DONALD TRUMP EXECUTIVE ORDERS DIGITAL ASSETS SEC OPERATION CHOKE POINT 2.0
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