The American cryptocurrency industry is eagerly anticipating that incoming President Trump will issue an executive order supporting cryptocurrency on his first day in office, serving as a blueprint for future policies. Rebecca Rettig, Chief Legal and Policy Officer of Polygon Labs, stated, "Given the atmosphere during the campaign, this executive order must clearly indicate the actual priorities of the first day and provide a clear roadmap for future actions."
Trump has recently nominated several cryptocurrency supporters, including Stephen Miran and Bo Hines to the Economic and Digital Assets Committee, and appointed Paul Atkins as the new chairman of the U.S. Securities and Exchange Commission (SEC). These appointments reflect the Trump administration's supportive stance toward cryptocurrency.
The cryptocurrency industry has outlined key issues they hope Trump will address through executive orders. Among them, the top priority is to establish a national strategic reserve for Bitcoin valued at $21 billion. However, some analysts believe that the Bitcoin reserve plan may be the least likely executive order to materialize on the first day in office. Even if this plan comes to fruition, it would only signal to institutional officials without having legal force, as federal banking regulators are independent. Jonah Krane, a partner at Klaros Group, commented, "They won’t change policies on the first day, but it will indicate the direction the current administration hopes to develop."
In addition to the Bitcoin reserve plan, the crypto industry is also hoping the government can make it easier for crypto companies to access banking services in the U.S. This differs from the Bitcoin reserve plan, Krane stated that he would not be surprised if the government issued a broader executive order on the first day requiring agencies to reassess their rules in this area. Additionally, establishing a coordinating committee to facilitate the growth and regulation of the U.S. crypto industry is also an important item on the crypto industry's agenda. The first step has already been taken, with the nomination of David Sacks to lead regulatory efforts in crypto and artificial intelligence.
Jin Xin believes these measures will send a strong signal to the market, further solidifying Trump’s commitment as the "crypto president." Brian Hughes, a spokesperson for Trump’s transition team, stated in a press release, "The bureaucracy in Washington has always tried to stifle innovation... but President Trump will fulfill his promise to encourage America to take a leading role in the cryptocurrency space."