The US-based cryptocurrency lobby wants to see the first big move from Donald Trump on January 20.
According to the news reported by Reuters, the cryptocurrency industry is demanding that Donald Trump, who will take office on January 20, swiftly initiate crypto policy reforms that he promised during his election campaign.
Industry representatives said they expect these reforms to be regulated in a way that will allow cryptocurrencies to gain a place in the mainstream financial system, especially through executive orders.
Reuters previously reported that Trump planned to issue executive orders on a range of issues from immigration to energy policy on his first day in office on January 20.
The cryptocurrency industry wants these orders to include regulations on the creation of Bitcoin reserves, providing access to banking services for the sector, and the establishment of a crypto council.
Execution Orders Expected Within First 100 Days
According to information obtained from industry representatives, at least one of these regulations is expected to be published on January 20.
“Given the tone of the campaign, it is critical that the executive orders clearly outline priorities and provide a roadmap from day one,” said Rebecca Rettig, director of legal and policy at Polygon Labs.
Trump’s Cryptocurrency-Friendly Team Takes Shape
While strict regulations on cryptocurrencies and audits on companies were prominent during the Joe Biden era, Trump promised to do the opposite.
In this regard, it was announced that names such as crypto-friendly SEC Chairman Paul Atkins and White House Crypto Officer David Sacks were included in Trump's team.
“Despite the efforts of the Washington bureaucracy to stifle innovation, Trump will deliver on his promise to promote American leadership,” said Brian Hughes, a member of Trump’s transition team.
Bitcoin Reserve and Banking Issues
Bitcoin prices broke a record by exceeding $107,000 after Trump revived the strategic Bitcoin reserve plan he announced in July, but later dropped below $100,000.
A group called the Bitcoin Policy Institute has drafted a proposed executive order for the creation of this reserve.
The draft includes regulations that designate Bitcoin as a strategic reserve asset and require the Treasury Secretary to purchase $21 billion worth of Bitcoin within a year. The group did not say whether the draft had been presented to the Trump team.
Stay tuned for new information