Trump plans to create a cryptocurrency advisory board

In a move that could have far-reaching implications for the cryptocurrency industry, President-elect Donald Trump plans to designate cryptocurrency as a national priority, according to sources familiar with the plans.

The executive order, which is expected to be issued shortly after Trump takes office, is intended to direct government agencies to work more closely with the cryptocurrency industry, according to The Verge. Bloomberg.

The order will also create a cryptocurrency advisory council that will advocate for industry policy priorities. The council will provide industry insiders with a voice within management, ensuring their concerns and views are taken into account.

The announcement comes on the heels of a proposal by the cryptocurrency industry to create a federal reserve of bitcoin. The plan, which has gained real political momentum, aims to have the government buy and hold billions of dollars in bitcoin, potentially reducing the national debt. While the details of the plan are still under discussion, industry executives are actively pushing to shape the proposal and hope Trump will take action soon.

Some estimates suggest that the United States already owns as much as $19 billion worth of Bitcoin, which has been seized from criminals over time. Some cryptocurrency executives are urging Trump to simply hold on to that bitcoin, which could be done through an executive order. Others are pushing for a more ambitious plan that would involve the government acquiring tens of billions of dollars in new bitcoin, creating a strategic reserve similar to federal stockpiles of gold and oil. However, such a plan would likely require congressional approval due to the large amount of spending involved.

In addition to these developments, stablecoins, a type of cryptocurrency tied to stable assets such as the US dollar, are now available. Gain traction and move into the mainstream. Retailers like Overstock, Chipotle, Whole Foods, and GameStop now accept stablecoins as a form of payment. Payment processor Stripe has enabled merchants to accept USDC, and Regal Cinema is offering a discount on USDC payments. Travel booking platform Travala and gift card platform Bitrefill are also adopting stablecoins as a payment option.

According to Chris Coulson, a payments expert at the Federal Reserve Bank of Atlanta, stablecoins have become a global payment method and are being adopted by businesses to reduce transaction fees, settle payments quickly, and attract crypto-savvy customers. The total value of all stablecoins in circulation now exceeds $200 billion, comparable to the GDP of countries like New Zealand or Greece.

Atlanta Fed: Stablecoins “Moving Mainstream”