Reuters reported on Monday that President-elect Donald Trump may issue an executive order related to the cryptocurrency sector on his first day in office after the presidential inauguration on January 20.
Will Donald Trump issue an executive order on cryptocurrency?
According to a December 23 article, two unnamed sources familiar with the situation confirmed to the media that at least one executive order such as creating a bitcoin reserve, establishing a cryptocurrency council, or protecting access to digital asset banking services could be issued on the same day.
Brian Hughes, a politician leading the transition team of the New York-born entrepreneur, stated in a statement to Reuters that: "There has been an effort in the Washington bureaucracy to stifle innovation," "but President Trump will fulfill his promise to encourage U.S. leadership in the cryptocurrency space."
Trump, who most recently launched the family cryptocurrency platform World Liberty Financial, has long committed to enacting cryptocurrency-friendly regulations upon his return to the Oval Office.
"We will have regulations," Trump declared at the Bitcoin 2024 conference last summer, adding, "but from now on, the rules will be written by your industry's supporters, not by your industry's detractors."
Trump is committed to a friendly approach to digital assets in the cryptocurrency industry.
The promise of becoming a cryptocurrency-friendly president from the former reality TV star has been widely welcomed by the digital asset community after years of the U.S. Securities and Exchange Commission (SEC) enforcing regulatory measures against digital assets.
In the context of the 2024 U.S. presidential election, Trump has vowed to fire SEC Chairman Gary Gensler, who announced his resignation from the government agency last month.
This controversial regulatory agency has initiated several major lawsuits against key companies in the cryptocurrency industry in recent years, including Kraken, Binance, and Terraform Labs since he was appointed in 2021.
The chair approved by Biden is expected to be replaced by CEO of Patomak Global Partners and former SEC Commissioner Paul Atkins.
Atkins, who has clients including those in the digital asset space, is likely to be more friendly to cryptocurrency compared to his predecessor and is believed to want to roll back regulations in general.
"Paul is a proven leader on reasonable regulations," Trump said in a recent post on Truth Social. "He believes in the promise of a strong, innovative capital market that meets the needs of investors and provides capital to make our economy the best in the world."
However, whether Trump will take immediate action by issuing an executive order related to cryptocurrency remains to be seen.
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