By South China Morning Post | Created at 2025-01-17 05:46:35 | Updated at 2025-01-17 09:58:04
4 hours ago
US president-elect Donald Trump is planning to release an executive order elevating cryptocurrency as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans.
The order is expected to name crypto as a national imperative or priority – strategic wording intended to guide government agencies to work with the industry, according to people familiar with the matter.
It was also slated to create a crypto advisory council to advocate for the industry’s policy priorities, said the people who requested anonymity to discuss an executive order that is not yet public.
Trump has enjoyed strong support from the crypto industry, which has a powerful presence in Washington, backed by well-funded political action committees. A slew of companies, including Coinbase and Ripple, have donated to Trump’s inaugural committee in recent months. On Friday, days before the inauguration, the industry is hosting an “Inaugural Crypto Ball” in support of Trump.
The executive order would mark a sea change for crypto, which has been a target for investigations during President Joe Biden’s administration following a spate of high-profile fraud cases, including the bankruptcy of the FTX exchange.
Federal agencies including the Securities and Exchange Commission filed more than 100 enforcement actions against the sector in recent years, and banking regulators made it difficult for crypto companies to work with financial institutions.
