President-elect Donald Trump plans to sign an executive order after taking office that will elevate crypto’s status among the administration’s other policy concerns, according to a Bloomberg report.
The executive order, which could come as soon as Monday, will encourage government agencies to work with the industry by naming crypto a “national imperative or priority,” Bloomberg reported on Thursday, citing anonymous sources familiar with the matter. Trump’s transition team did not reply to a request for comment.
The move would mark a major shift in government sentiment toward the crypto industry, which industry leaders say has been inhibited by the Biden Administration’s crackdown on crypto led by Securities and Exchange Commission chair Gary Gensler. Gensler plans to step down on inauguration day.
The executive order would establish a crypto advisory council, something Trump promised on the campaign trail, that would promote the industry’s policy objectives by providing crypto executives with a direct line of communication to the White House, according to the report.
It would also potentially include an order for all government departments to “review policies about digital assets and possibly pause any litigation involving crypto,” the report said.
Kristin Smith, CEO of the Blockchain Association, a non-profit organization that advocates for crypto-friendly policy, said in an email that the tone this directive would set is equally as important as the policies it would include.
“As the most pro-crypto president in history, president-elect Trump has a chance to tell the federal government: crypto is something we should embrace, not punish,” Smith said. “It’s critical that our leaders in Washington—and key federal agencies—encourage American crypto innovation, and an executive order stating as much would be a very positive first step for the new administration.”
Previously a Bitcoin-sceptic, Trump has wholly embraced digital currencies in the last year, courting crypto voters by launching his own crypto venture, promising to establish a national Bitcoin reserve, and supporting a regulatory framework that’s friendly to the industry.
The President-elect has already connected with various crypto executives in a sign of the industry’s newfound political influence. Ripple CEO Brad Garlinghouse met Trump in-person on Jan. 7. The incoming president also spoke with Coinbase CEO Brian Armstrong over the phone following the election in November.
Trump has already made good on his campaign promises by selecting a number of crypto boosters for positions in his cabinet and government agencies. These include tech billionaire Elon Musk to head the Department of Government Efficiency and Paul Atkins, an experienced financial regulator and self-proclaimed libertarian, to chair the SEC.
