Trump May Sign Cryptocurrency-Related Executive Orders on Day 1: Report

The incoming Trump administration is set to dramatically change the landscape of cryptocurrency regulation, with prominent leaders in the technology and cryptocurrency space taking influential stances. In shaping policy.

What happened: According to to Washington Post, venture capitalist Marc Andreessen He emerged as a key figure in this transition, drawing on his Silicon Valley experience to recruit candidates for important positions throughout Washington.

Andreessen, co-founder of Andreessen Horowitz, has been actively involved in interviewing and recommending candidates for various roles, including those related to… Cryptocurrency policy.

His influence stems from his meeting with Trump last summer, where the president-elect’s message about beating China in the technology race resonated with the venture capitalist.

The Trump transition team is here Encryption regulation priority, with plans to address issues such as “Cancellation of banking servicesAnd controversial accounting policies on the first day of the presidency.

David Sacksdesignated as Trump’s artificial intelligence and Crypto tsaris working closely with industry leaders to finalize a legislative strategy.

“There have been efforts in the bureaucratic swamp in Washington to stifle innovation through more regulation and higher taxes,” he said. Brian Hughesthe official spokesman for the transition period between Trump and Vance.

He added that the administration aims to “develop a legal framework so that the cryptocurrency industry can thrive in the United States.”

According to the report, Trump is expected to issue executive orders on the first day of his presidency, possibly addressing defunding and… Fair value accountingwhich requires banks that hold cryptocurrencies to count them as liabilities on their balance sheet.

Read also: Tether moves its headquarters to El Salvador

Why it matters: The technology industry’s increasing involvement in the transition reflects frustration with the Biden administration’s approach to regulating cryptocurrencies.

Andreessen called Trump’s victory a “huge blow” during a podcast in November, signaling the industry’s hope for a more favorable regulatory environment.

This shift is in line with recent expert opinions expressed in Benzinga Future of Digital Assets ConferenceParticipants emphasized the need for regulatory clarity to unleash institutional growth in the digital assets market.

Adam Goren of Hunting Hill Global Capital noted that regulatory uncertainty was a major barrier to institutional adoption.

Ben Horowitz and Marc Andreessen have He criticized the Biden administration’s cryptocurrency regulationsHe accused regulators of undermining legitimate businesses while allowing questionable projects to flourish.

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