Donald Trump’s Crypto Move: Executive order to make cryptocurrencies a national priority, could lead to creation of an advisory board

US President-elect Donald Trump plans to make cryptocurrencies a national priority by issuing an executive order and giving people working in the industry space within his administration. Bloomberg It was reported on Friday, citing people familiar with the matter.

Trump will also create a cryptocurrency advisory council to set priorities for the industry.

the US President-electwho is set to enter the White House for a second time, has been very vocal about his support for the cryptocurrency industry and has received massive amounts of money from these companies as well.

encryption Companies, including Coinbase and Ripple, have donated to Trump’s inauguration committee. The cryptocurrency industry is also hosting a “crypto inaugural party” in support of Trump on Friday.

Trump’s executive order on cryptocurrencies will represent a major change for the industry under which it has been investigated Joe BidenThe company’s management due to high-profile fraud cases, including the bankruptcy of the FTX exchange.

More than 100 enforcement actions have been taken against the industry by federal agencies, including the Securities and Exchange Commission.

Donald Trump’s Cryptocurrency Movement

The report added that discussions are still ongoing, including a directive to all government agencies to review policies related to digital assets and potentially halt any cryptocurrency-related litigation in the executive order. One of the industry’s top priorities is to avoid legal action against Binance Holdings Ltd, the world’s largest cryptocurrency exchange, for startup Ripple Labs Inc.

Creating a national stockpile of Bitcoin has also been considered. The report said that the US government currently owns approximately $20 billion in Bitcoin, which has been seized in investigations. However, Bitcoin rose almost 50% to over $100,000 after Donald Trump’s victory in November.

Many people have raised concerns about the executive order, which could be issued as soon as Monday.

“I think what Donald Trump will do is signal that the United States is back and that we are ready to lead this industry,” Kara Calvert, vice president of US policy at Coinbase Global Inc, told Bloomberg. “What it signals to other countries is to be careful, otherwise they won’t be able to keep up.”