RCN-Tool News: Digital Assets to Take Center Stage in U.S. Policy Overhaul
U.S. President-elect Donald Trump is preparing to issue an executive order that will make cryptocurrency a national policy priority, according to Bloomberg. The move could mark a significant shift in the government’s approach to digital assets, granting industry leaders substantial influence over regulatory developments.
The executive order, which could be signed as early as Monday, aims to elevate cryptocurrency to the forefront of U.S. economic strategy. Sources indicate it may establish a crypto advisory council to foster industry-friendly policies, signaling a stark departure from the enforcement-heavy approach of the Biden administration.
Bitcoin responded positively to the news, trading 0.4% higher at $100,285.5 as of 19:34 ET (00:34 GMT).
Under President Joe Biden, federal agencies filed over 100 enforcement actions against crypto firms, including high-profile cases involving Binance and Ripple. Regulatory scrutiny intensified following controversies like the collapse of FTX, with tighter restrictions on banking access for the sector.
Key elements of Trump’s forthcoming order reportedly include a comprehensive review of existing digital asset policies across federal agencies and a potential pause on ongoing litigation against crypto firms. Bloomberg also reported that the order might establish a national Bitcoin reserve, leveraging the government’s $20 billion in confiscated Bitcoin holdings.
Trump has been a vocal supporter of cryptocurrency, vowing during his campaign to position the U.S. as a global leader in digital assets. This executive action aligns with his broader vision of embracing innovation and creating economic opportunities through blockchain technology.
The move comes as private industry accelerates its adoption of crypto solutions. Major financial institutions such as BlackRock and BNY Mellon have launched cryptocurrency products, while Cantor Fitzgerald recently announced a Bitcoin financing initiative.
Since Trump’s election in November, Bitcoin has surged, reaching an all-time high of over $108,000 last month, fueled by optimism surrounding his pro-crypto policies.
Stay tuned to RCN-Tool for updates on this developing story.