Donald Trump’s crypto move: Executive order to make crypto national priority, may create advisory council

US President-elect Donald Trump plans to make cryptocurrency a national priority by releasing an executive order and giving people from the industry a space within his administration, Bloomberg reported on Friday citing people familiar with the matter.

Trump will also create a crypto advisory council to prioritise the industry.

The US President-elect, who is set to enter the White House for the second time, has been very vocal about his support of the crypto industry and received immense funds from such companies as well.

Crypto companies, including Coinbase and Ripple, have donated to Trump’s inaugural committee. The crypto industry is also hosting an “Inaugural Crypto Ball” in support of Trump on Friday.

Trump's executive order on crypto will mark a huge change for the industry that has been investigated under Joe Biden's administration due to high-profile fraud cases, including the bankruptcy of the FTX exchange.

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

Donald Trump’s crypto move

Discussions are still going around, including a directive for all government agencies to review policies about digital assets and possibly pause any litigation involving crypto in the executive order, the report added. One of the top priorities for the industry is avoiding legal actions against Binance Holdings Ltd., the world’s biggest crypto exchange, to startup Ripple Labs Inc.

The creation of a national Bitcoin stockpile has also been under consideration. Currently, the US government has nearly $20 billion worth of bitcoin, which was confiscated in investigations, the report said. However, Bitcoin rose nearly 50% to over $ 100,000 after Donald Trump's victory in November.

Many people have raised concerns over the executive order, which might come out on Monday.

“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,” Kara Calvert, vice president for US policy at Coinbase Global Inc., told Bloomberg. “What it’s signalling to other countries is be careful, or you won’t keep up.”