President-elect Donald Trump is preparing to sign an executive order that will elevate cryptocurrency to a national priority. This move is expected to reshape the government’s approach to the crypto industry, giving it a stronger voice in policy discussions.
Executive Order to Make Crypto a National Imperative
Sources close to the matter suggest that the executive order will officially designate cryptocurrency as a national priority. This strategic language will encourage government agencies to collaborate more closely with the industry. The order is also set to create a crypto advisory council that will advocate for the industry’s key policy issues.
Trump has garnered significant support from the cryptocurrency sector, which has a strong political presence in Washington. Many major crypto companies, including Coinbase and Ripple, have supported Trump financially, donating to his inaugural committee in recent months. Additionally, the crypto community is organizing an “Inaugural Crypto Ball” to show support just days before the inauguration.
A Shift in Crypto Policy
This executive order marks a potential shift in the U.S. government’s stance on cryptocurrency. Under President Joe Biden, the crypto industry faced heightened scrutiny, especially following high-profile fraud cases like the FTX exchange collapse. The SEC has taken aggressive action against the sector, filing over 100 enforcement cases. Additionally, banking regulators have made it increasingly difficult for crypto companies to work with financial institutions.
The executive order is expected to propose a review of all government policies related to digital assets. It may even call for a pause in ongoing legal actions targeting crypto companies. This includes cases against major players like Binance Holdings Ltd., the world’s largest crypto exchange, and Ripple Labs Inc. Industry insiders see halting these legal battles as a top priority.
A Potential Bitcoin Stockpile
Another key consideration for the executive order is the establishment of a national Bitcoin stockpile. This would involve the U.S. government consolidating its holdings of Bitcoin, which it has accumulated through various investigations. According to analytics firm Arkham, the government currently holds nearly $20 billion in Bitcoin.
The idea of a national Bitcoin stockpile has already had an impact on the market, with Bitcoin’s price surging nearly 50% since the November election. The digital currency recently surpassed $100,000, partly driven by anticipation that the government could make such a move. Bitcoin has also more than doubled in price in 2024.
Timeline and Industry Reactions
While the executive order is expected to be finalized soon—possibly as early as Monday—sources caution that details could change before it is made public. A spokesperson for Trump has not yet commented on the matter.
Trump has indicated that he plans to issue multiple executive orders across a wide range of industries during his first days back in office. Kara Calvert, vice president for U.S. policy at Coinbase, commented on the significance of Trump’s stance on crypto: “What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signaling to other countries is be careful, or you won’t keep up.”
Continued Growth for Crypto in the U.S.
Despite regulatory hurdles under the Biden administration, the cryptocurrency sector in the U.S. has continued to grow. In 2024, major financial institutions like BlackRock and BNY Mellon expanded their crypto offerings. BlackRock launched Bitcoin and Ether exchange-traded funds (ETFs), and BNY Mellon has worked to enhance its crypto custody services. Investment firm Cantor Fitzgerald has also announced plans to launch a Bitcoin financing business.
Trump has long embraced cryptocurrency, using his platform to promote its potential. During his 2024 presidential campaign, he headlined a Bitcoin conference, promising to make the U.S. the crypto capital of the world. Trump has also released his own collections of nonfungible tokens (NFTs) and, alongside his sons, launched World Liberty Financial—an initiative designed to help people earn and borrow crypto. However, the service has yet to launch.
As the crypto industry eagerly anticipates the new executive order, all eyes will be on how this shift in policy influences the future of digital assets in the U.S.
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