The cryptocurrency industry is eagerly urging President-elect Donald Trump’s incoming administration to deliver on his campaign promises to overhaul crypto policy. Industry leaders are pushing for executive orders that could help legitimize and expand the sector, bringing it further into the mainstream. These measures are hoped to be part of the flurry of executive actions Trump is expected to issue as soon as he takes office on January 20.
On the campaign trail, Trump positioned himself as a champion of the crypto world, even referring to himself as a “crypto president.” Now, industry stakeholders are calling on him to follow through with concrete actions. Among their requests are creating a strategic bitcoin reserve, ensuring crypto companies have access to banking services, and forming a dedicated crypto industry council.
According to sources familiar with the discussions, the industry is pushing for these executive orders to be enacted within Trump’s first 100 days, with at least one potentially coming on his first day in office. “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,” said Rebecca Rettig, chief legal and policy officer at Polygon Labs.
The push comes after years of tension between the crypto sector and regulators under President Joe Biden’s administration. Biden’s regulators have cracked down on crypto companies, citing concerns over crime and market volatility. Trump, in contrast, has pledged to roll back these restrictions and foster an environment that promotes American innovation and leadership in cryptocurrency.
Trump’s crypto policy team is already taking shape, signaling his commitment to this agenda. Recently, he announced the appointment of crypto-friendly figures, including Paul Atkins as Securities and Exchange Commission chair and David Sacks as the White House’s “crypto czar.” These appointments suggest a clear pivot in the federal government’s approach to crypto.
“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,” said Brian Hughes, a spokesperson for Trump’s transition team.
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One of Trump’s most ambitious proposals is the creation of a strategic bitcoin reserve. Bitcoin, the world’s largest cryptocurrency, recently hit record highs, surpassing $107,000 after Trump reiterated this plan, which he first announced in July. Although Bitcoin’s value has since dropped below $100,000, the concept of a national bitcoin stockpile has gained traction within the industry.
Some analysts, however, are divided on whether Trump could use executive powers to establish such a reserve or if it would require Congressional approval. The Bitcoin Policy Institute, a leading industry group, has even drafted a potential executive order for Trump’s consideration. This draft outlines plans for designating bitcoin as a strategic reserve asset and allocating $21 billion over a year to build the stockpile. “The United States should get ahead of geopolitical rivals in monetizing bitcoin,” said Zack Shapiro, the Institute’s head of policy. Shapiro declined to confirm if the draft had been shared with Trump’s team.
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In addition to the bitcoin reserve, the industry is advocating for measures to address long-standing issues with banking access. Crypto firms have long complained about difficulty securing partnerships with banks due to regulatory scrutiny, which they argue has hindered growth. Trump has previously stated that he would ensure banks could not “choke” crypto companies out of the traditional financial system. While an executive order addressing this issue would signal support, experts caution that federal bank regulators are independent and unlikely to change policies overnight.
Trump has also proposed creating a dedicated crypto industry council to oversee and guide the sector’s development. His team is reportedly discussing how to structure and staff this council. Similar councils have been established by previous administrations via executive orders, and the crypto industry is optimistic that this step could provide much-needed structure and support.
More broadly, Trump could issue an executive order directing regulators to reassess existing crypto rules and articulate core principles for the sector. This approach would mirror an executive order Trump issued in 2017 that called for a review of banking regulations. Jonah Krane, a partner at financial firm Klaros Group, believes such an order could be a likely early move. “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,” he said.
While it remains to be seen how quickly Trump can implement these changes, the crypto industry is watching closely, hopeful that his administration will deliver on its promises. If successful, these actions could not only reshape the regulatory landscape but also cement the United States as a leader in the global crypto economy.
