A crypto council? Trump plans to make cryptocurrency a national priority with executive order
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Federal agencies filed more than 100 enforcement actions against the crypto industry in the last few years. President-elect Donald Trump is set to issue an executive order making crypto a policy priority. The order is set to make crypto a national imperative or priority, pushing government agencies to work with the industry. It‘s also intended to establish a crypto advisory council to champion the industry’s priorities.
The crypto industry has been a target for investigations during the Biden administration after a number of fraud cases, including the collapse of the FTX exchange, which went bankrupt in 2022 and led to the arrest of former CEO Sam Bankman-Fried, who was convicted of defrauding investors.
Federal agencies, such as the Securities and Exchange Commission, filed more than 100 enforcement actions against the crypto industry in the last few years. Banking regulators also made it hard for crypto companies to work alongside financial institutions, Bloomberg noted.
What remains under discussion is a potential directive in the executive order for all agencies to have a look at their policies on digital assets and possibly put on hold any legal action that involves crypto, people familiar with the order told the outlet.
The creation of a national Bitcoin stockpile is also under consideration, which would include the government’s current holdings of the world’s top cryptocurrency. The U.S. government currently has almost $20 billion in Bitcoin that was seized during a number of investigations, according to Arkham, an analytics company.
