The cryptocurrency sector is gearing up for a potential surge under a second Trump administration, actively pushing for swift policy changes to fulfill the former president’s pledges to support digital assets. Industry leaders are urging the Trump team to issue executive orders early in his term, anticipating actions that would significantly boost the visibility and financial integration of cryptocurrencies, especially Bitcoin, with the traditional financial system.
In an illustration that reflects the ongoing conversation, sparks electrify an image of a Bitcoin symbol.
During his campaign, Trump positioned himself as a ‘crypto president,’ vowing to embrace digital currencies. Now, industry figures are keen to see that vision become a reality through executive orders, including plans for a strategic bitcoin reserve, securing banking access for crypto companies, and establishing a dedicated crypto council. Several sources reveal that the industry is pushing for these orders to be issued within Trump’s first 100 days in office, potentially starting on his inauguration day, January 20th. Rebecca Rettig, chief legal and policy officer at Polygon Labs, emphasized the importance of the executive orders, stating, “Given the tenor of the campaign, it would be imperative for executive orders to really set out what the actual priorities will be on day one and provide some kind of roadmap.”
In contrast to President Joe Biden’s administration, which has increased regulatory scrutiny of the crypto sector, Trump has signaled a more favorable approach. He has already named crypto-friendly individuals to key positions, including Paul Atkins as Securities and Exchange Commission chair and David Sacks as White House crypto czar. Brian Hughes, a spokesperson for the Trump transition team, stated, “There has been an effort in the Washington bureaucratic swamp to stifle innovation… but President Trump will deliver on his promise to encourage American leadership in crypto.”
Bitcoin, the leading cryptocurrency, experienced a surge to record heights exceeding $107,000 after Trump reiterated his plan for a strategic bitcoin reserve. The concept, first announced in July, has since seen Bitcoin’s value slightly decrease, hovering just below $100,000. The legal path for establishing such a reserve is subject to debate, with potential options including an executive order or an act of Congress.
The Bitcoin Policy Institute has developed a draft executive order proposing the designation of bitcoin as a strategic reserve asset. This draft suggests that the Treasury Secretary would oversee the allocation of $21 billion over a year to accumulate a national bitcoin stockpile. Zack Shapiro, the Bitcoin Policy Institute’s head of policy, stated the importance of the United States taking the lead in monetizing bitcoin to avoid falling behind geopolitical rivals. Although he declined to confirm whether the draft was shared with Trump’s team, the Institute’s efforts highlight the industry’s eagerness for the former president to take swift action.
In July, Trump also pledged to prevent banks from ‘choking’ crypto firms out of the traditional financial system. Industry executives believe that this issue could also be addressed through an executive order. Despite the complaints of many crypto firms, the industry has long struggled to establish relationships with banks because of regulatory pressures. While such a directive could provide some level of regulatory relief, some experts believe that such an order would be most effective in signaling the administration’s approach. Jonah Crane, a partner at Klaros Group, noted, “They are not going to change policy on the ground on day one, but they will tell you what direction this administration wants to head.”
Beyond these initiatives, Trump has expressed the intent to establish a crypto industry council, with his team currently determining its structure and composition. Additionally, officials note that Trump could issue an executive order outlining fundamental principles for crypto regulation, similar to one he enacted in 2017 that directed regulators to assess banking rules. Crane further added, “I wouldn’t be surprised if you get something like an executive order early on that directs the agencies to re-examine their rules in this space.”
