President-elect Donald Trump is reportedly planning to sign a pro-crypto executive order on his first day in office, aimed at addressing key issues facing the cryptocurrency industry.
According to sources familiar with the discussions, Trump’s incoming crypto czar, David Sacks, has been working closely with crypto industry leaders to devise a legislative strategy that would curb unfair treatment of crypto companies by banks and regulators.
Key Issues to Address
The executive order could target the issue of “debanking,” where crypto firms face political challenges in maintaining bank accounts.
It may also include a repeal of Staff Accounting Bulletin (SAB) 121, which requires digital assets to be listed as liabilities on companies’ balance sheets. This has been a point of contention for many in the crypto sector.
One source close to the situation emphasized that addressing these issues is a priority for Trump’s administration. “The Trump team has made it very clear that this is a priority,” the source said.
Trump’s Tech-Friendly Agenda
In a statement to The Washington Post, Brian Hughes, spokesperson for Trump’s transition team, criticized the current regulatory environment, claiming that the “bureaucratic swamp” in Washington has hindered tech innovation through excessive regulation and taxes.
Trump’s new administration plans to reverse this trend, with a focus on fostering an environment where the crypto industry can thrive.
Trump’s team also plans to appoint tech-friendly leaders across various government agencies, including the White House, the Pentagon, and the Department of Health and Human Services, to promote their pro-innovation agenda.
A New Era for Crypto in the U.S.
The expected executive order marks a significant shift in how the U.S. government may approach the crypto industry, with the potential to create a more favorable regulatory environment for digital assets.
As Trump prepares to take office, the crypto community is watching closely to see how these proposed changes will unfold.
