When Donald Trump steps back into the White House on January 20, he’s not just bringing his signature style, but he’s also expected to drop a series of executive orders that could shake up the crypto industry.
Put clean water into the glass
The Washington Post shared that Trump’s team is gearing up to tackle issues like crypto de-banking and a controversial accounting policy that forces banks to treat digital assets as liabilities, and this could have huge implications for the crypto market.
A source close to the discussions told the Post, the Trump team has made it very clear that this is a priority.
And let’s be real, crypto execs have been pretty vocal about feeling the squeeze from the Biden administration, which they accuse of using financial regulators to cut off banking services for the industry under something they call Operation ChokePoint 2.0.
What’s on the table? Tax-discount? Easier licensing? Bitcoin as legal tender in the U.S.?
So, what exactly can we expect? Well, Trump is likely to repeal the SEC’s SAB 121 policy from March 2022, which requires banks to list cryptocurrencies as liabilities.
This could make it way easier for crypto businesses to access banking services. And that’s not all.
There’s chatter about establishing a national Bitcoin reserve, which would be a game-changer in positioning the U.S. as a leader in the global crypto market. Imagine a strategic reserve of Bitcoin, it sounds like something out of a movie.
Meet Trump’s crypto dream team
Behind the scenes, some big names are helping shape these policies, for example Marc Andreessen, a venture capital guru known for backing tech and crypto companies, who has been cozying up with Trump and recruiting candidates for key positions in his administration.
David Sacks has been appointed as Trump’s AI and crypto czar, and this duo is set to influence everything from crypto regulations to tech policies.
At a recent luncheon at Mar-a-Lago, Sacks hinted at plans to roll back Biden’s sweeping AI executive order, which had conservatives riled up due to its focus on equity.
These moves could mean brighter days ahead. With Trump’s pro-crypto stance and potential policy shifts, we might see increased adoption and innovation in the sector.
Investors are hoping for clearer regulations that could finally unlock institutional growth in digital assets.
