US President-elect Donald Trump plans to make cryptocurrency a “National Priority” policy right upon his inauguration. According to reports, Trump’s team is also planning to create a crypto advisory council for offering a supportive environment for insiders to voice out their opinions within his administration.
Donald Trump’s open support for the crypto industry is not unknown. In fact many experts are of the opinion that Trump might introduce executive orders focusing on cryptocurrency on the first day of his presidency. Trump is anticipated to discuss topics such as de-banking and overturning a crypto accounting rule that mandates banks holding digital assets to record them as liabilities on their balance sheets.
Trump’s proposal to uplift the crypto sector as a “national priority” is a clear recognition of its importance to the US economy amid its $36.17 trillion debt. The draft executive order, which is still being finalized, may include a directive for all government agencies to assess their policies on digital assets and consider pausing ongoing litigation related to crypto, according to sources.
A nationwide Bitcoin Reserve bill could be among the key agendas following Trump’s inauguration. Several U.S. states, including Texas, Oklahoma, Ohio, and others have already been working on their own Bitcoin Reserve bills. Dennis Porter of the Satoshi Act Fund predicted that as many as 20 states would introduce similar legislation, with six states having already proposed such bills in their respective senates. It seems increasingly likely that the U.S. will soon see a Bitcoin Strategic Reserve bill aimed at addressing the nation’s significant debt. Notably, news of the Bitcoin Reserve has undoubtedly boosted Bitcoin’s momentum, propelling its value past the $100,000 mark today.
Also Read:Trump Administration to Ease Crypto-Banking Rules: TD Cowen