Trump's Team Pushes for Swift Crypto Policy Overhaul

Industry leaders are urging executive orders that will create bitcoin reserves and ensure access to banks.

Ahead of President-elect Donald Trump's inauguration on January 20, the industry is pressing for prompt actions to fulfill his campaign pledges on crypto policy. Industry executives are calling for executive orders for a national bitcoin stockpile to be established, safe banking for crypto companies to operate, and a crypto council for regulation support.

During his campaign, Trump promised to be a "crypto president," and now that his transition team is in place, industry leaders are eager to see these promises come to fruition within the first 100 days of his administration. The industry's hope is that at least one of these orders could come as early as Inauguration Day.

The administration is likely to address concerns that have been haunting the crypto industry, including its access to banking services. Many crypto firms have been unable to secure traditional financial services due to the regulatory uncertainty surrounding the industry. Though some welcome Trump's campaign pledge to not let banks "choke" crypto businesses, executives warn that bank regulators' independence may limit the effectiveness of such orders.

In addition, he has stated that he will support a strategic bitcoin reserve, where the U.S. Treasury will spend billions to have a national stockpile of bitcoin. The idea has made people question whether executive orders will make it a reality or Congressional approval will be required.

Industry groups, including the Bitcoin Policy Institute, have even drawn up a possible executive order that would instruct the Treasury to start buying bitcoin. While analysts are divided on whether such an order is possible, the draft calls for a lot of spending to establish a national reserve.

Trump's team is also talking about the establishment of a crypto industry council to provide guidance on regulations. This would help address the industry's complaint about outdated and insufficient rules.