The crypto industry is urging Donald Trump's team to implement the cryptocurrency policy changes he committed to when he becomes president next month. Officials in the industry say they hope he will use executive orders to promote the popularity of cryptocurrencies.

According to Reuters, Trump is expected to sign multiple executive orders and directives on his first day in office, covering topics including immigration and energy. During his campaign, he garnered support from the crypto community by promising to become the 'crypto president.'

The industry expects him to fulfill that commitment by issuing executive orders, including establishing a Bitcoin reserve fund, providing crypto businesses access to banking services, and forming a Crypto Council.

Two sources said they have called for the issuance of these executive orders within the first 100 days of Trump’s term and hope at least one order will be signed on January 20, 2025. Rebecca Rettig, legal and policy director of Polygon Labs, believes that executive orders need to clearly outline key priorities from the outset and lay out a clear roadmap.

While the Biden administration has tightened regulations on crypto companies due to concerns about crime and instability, Trump has committed to changing this. His cryptocurrency policy team, including SEC Chairman Paul Atkins, who is friendly to the crypto industry, and crypto czar David Sacks, was announced this month.

Brian Hughes, spokesperson for Trump's transition team, said the current Washington administration has tried to stifle innovation, but 'President Trump will fulfill his promise to encourage American leadership in the crypto space.'

Introduction to the Bitcoin Reserve Fund

Bitcoin, the leading cryptocurrency, reached a record high of over $107,000 this month after Trump reaffirmed plans to create a strategic Bitcoin reserve fund, an initiative he mentioned in a speech back in July. However, the value of Bitcoin subsequently dropped below $100,000.

Experts remain divided on whether Trump can use executive authority through the Treasury Department to establish a Bitcoin reserve fund or whether Congress needs to pass new legislation.

Bitcoin Policy Institute, a group in the crypto industry, has drafted an executive order that Trump could use to establish a Bitcoin reserve fund. This order would regard Bitcoin as a strategic reserve asset and require the Secretary of the Treasury to spend $21 billion within a year to build this reserve fund.

Zack Shapiro, policy director of the Bitcoin Policy Institute, argues that the U.S. should lead in the use of Bitcoin to avoid falling behind geopolitical rivals. However, he did not disclose whether this group has shared the draft with Trump’s team.

Issues Regarding Banking and Cryptocurrency

In July, Trump declared that he would not allow banks to 'suppress' cryptocurrency companies from participating in the traditional financial system. Many executives in the crypto industry hope he will address this issue through an executive order.

Cryptocurrency companies often complain that banks refuse to cooperate with them due to concerns over strict regulations. While regulators assert that banks can work with crypto companies as long as they comply with the law, there remains significant apprehension.

Some executives warn that even if Trump signs an order requiring banking regulators to loosen regulations on cryptocurrencies, this will primarily serve to signal intent and provide political support. However, they argue that there will be no immediate change as federal banking regulators remain independent agencies and are not subject to direct regulation from the executive order.

Establishment of Crypto Council

Trump also plans to establish a Crypto Council, and his team is currently reviewing the structure and personnel of this council. Industry executives stated that previous administrations have set up special councils through executive orders, and this could be a direction Trump will choose.

Additionally, Trump may address the crypto community's concerns that current regulations are not suitable for the industry by issuing an executive order that lays out key principles for managing crypto. This would be a similar move to the order he signed in 2017, requiring regulators to reassess banking rules.

Jonah Krane, a partner at Klaros Group, said:

"I wouldn't be surprised if you see an executive order right from the start, directing agencies to revisit their rules in this area."

DYOR! #Write2Win #Write&Earn $BTC