The cryptocurrency industry is urging Donald Trump's team to begin implementing the cryptocurrency policy changes he promised when he becomes president next month. Officials in the industry say they want him to use executive orders to make cryptocurrency more mainstream.

According to Reuters, Trump plans to sign multiple executive orders and directives on his first day in office, covering topics such as immigration and energy.

During his campaign, Trump attracted cryptocurrency supporters with the promise of becoming the 'crypto president'. The industry expects him to fulfill that promise with executive orders aimed at building a bitcoin reserve fund, giving cryptocurrency businesses access to banking services, and establishing a cryptocurrency council.

Two sources said they have called for these executive orders to be issued within Trump's first 100 days and hope that at least one order will be signed on January 20, 2025.

Rebecca Rettig, legal and policy director of Polygon Labs, said the executive orders must clearly outline key priorities from day one and provide a roadmap.

Amid concerns over crime and instability, Biden's regulators have tightened rules on cryptocurrency companies. Trump has promised to change this. His cryptocurrency policy team is being formed, including cryptocurrency-friendly SEC chairman Paul Atkins and White House cryptocurrency expert David Sacks, announced this month.

Brian Hughes, a spokesman for Trump's transition team, said the Washington bureaucracy has tried to stifle innovation, “but President Trump will fulfill his promise to encourage American leadership in the cryptocurrency space.”

Bitcoin, the leading cryptocurrency, reached a new high of over $107,000 this month after Trump reiterated plans from his July speech to create a strategic bitcoin reserve fund. Since then, prices have fallen below $100,000.

Experts disagree on whether Trump can use executive power, possibly through the Treasury Department, to create the reserve or whether Congress needs to pass a law.

The Minister of Finance will spend $21 billion in one year to establish a national bitcoin reserve fund

The Bitcoin Policy Institute, an industry group, has drafted an executive order that Trump could use to establish a Bitcoin Reserve.

According to the draft reviewed by Reuters, the draft will label bitcoin as a strategic reserve asset and direct the Secretary of the Treasury to spend $21 billion annually to establish a national bitcoin reserve fund.

Zack Shapiro, policy director at the Bitcoin Policy Institute, said the U.S. should lead its geopolitical rivals in adopting Bitcoin rather than allowing prices to rise without U.S. reserves. He did not say whether this group would share the draft with Trump's team.

In July, Trump stated he would not allow banks to 'squeeze' cryptocurrency companies out of the traditional financial system. Some executives believe he will address this with an executive order. Cryptocurrency companies often complain that banks avoid working with them due to regulations. Although regulators say that banks can lend to cryptocurrency companies that comply with the law.

Federal banking regulators are independent of Trump's executive orders.

Some executives warn that even if Trump signs an executive order requiring banking regulators to ease cryptocurrency regulations, it will mainly signal intent and provide political support. There may not be legal authority since federal banking regulators are independent.

According to Jonah Krane, a partner at Klaros Group, they will not change policy immediately, but will indicate the desired direction of the administration.

Trump also plans to establish a cryptocurrency industry council, and his team is exploring the structure and personnel for this council. Executives said previous administrations have established special councils through executive orders.

Trump could address cryptocurrency concerns that current regulations are ill-suited to the industry by issuing an executive order outlining key principles for cryptocurrency regulation. This is similar to an order he signed in 2017 requiring regulators to reassess banking rules.

Krane added, “I wouldn't be surprised if you get something like an executive order right from the start directing agencies to reconsider their rules in this area”

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