Trump Strives to Elevate Cryptocurrency as a National Priority -

President-elect Donald Trump is preparing to announce an executive order that will place cryptocurrency at the forefront of his policy agenda, involving industry leaders within his administration, according to sources with knowledge of the situation.

The upcoming order is expected to classify cryptocurrency as a national priority—strategically crafted language intended to encourage cooperation between government agencies and the industry. Additionally, it is anticipated to create a crypto advisory council to advocate for the sector’s policy interests, according to individuals who wished to remain anonymous about the details of an order that has not yet been officially released.

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Trump has received considerable support from the cryptocurrency sector, which holds substantial sway in Washington, buoyed by well-funded political action committees. Numerous firms, including Coinbase and Ripple, have made donations to Trump’s inaugural committee in recent months. In the lead-up to the inauguration, the sector is organizing an “Inaugural Crypto Ball” to show its support for Trump.

The executive order will mark a significant turning point for cryptocurrency, which has encountered intense scrutiny during President Joe Biden’s administration, following several prominent fraud cases, including the collapse of the FTX exchange. Federal agencies, such as the Securities and Exchange Commission, have launched over 100 enforcement actions against the industry in recent years, while bank regulators have created challenges for crypto companies working with financial institutions.

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Another proposal under consideration involves creating a national Bitcoin reserve, which would encompass the government’s existing holdings of the leading cryptocurrency, according to sources. Reportedly, the US government holds nearly $20 billion in Bitcoin, acquired through various investigations, as noted by analytics firm Arkham. Since the November elections, Bitcoin’s price has surged nearly 50%, surpassing $100,000, partly due to expectations for such a reserve. The token’s value more than doubled in 2024.

Sources cautioned that the executive order, which might be issued as soon as Monday, is not finalized and could see changes before its public announcement. A spokesperson for Trump did not immediately respond to requests for comment.

Trump has pledged to sign a series of executive orders covering multiple industries and issues during his initial days back in office.

“I believe Donald Trump will convey that the United States is back and prepared to lead in this sector,” stated Kara Calvert, vice president for US policy at Coinbase Global Inc., the nation’s largest cryptocurrency exchange. “This sends a clear message to other nations: be cautious, or you won’t be able to keep up.”

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Despite facing regulatory obstacles under Biden, the cryptocurrency sector in the US continues to thrive, with leading financial firms, including the world’s largest asset manager, BlackRock, launching spot Bitcoin and Ether exchange-traded funds last year. BNY has been working to enhance its crypto custody services, and Cantor Fitzgerald has announced plans to start a Bitcoin financing business.

Throughout his presidential campaign last year, Trump consistently supported the cryptocurrency industry. In July, he was a prominent speaker at a Bitcoin conference, where he vowed to position the US as the global cryptocurrency capital. Trump-branded non-fungible token collections have been launched in recent years, and last year he and his sons announced a crypto initiative called World Liberty Financial, aimed at enabling people to earn and borrow cryptocurrency, although it has yet to deliver those services.

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