The Electronic Money Industry in the United States is Expecting Early Executive Orders from Donald Trump

The cryptocurrency industry is urging Donald Trump's team to begin implementing the cryptocurrency policy changes he promised when he becomes president next month. Officials in the industry said they want him to use executive orders to make cryptocurrency more popular. According to Reuters, Trump plans to sign many executive orders and directives on his first day in office, including topics such as immigration and energy. In his election campaign, Trump attracted supporters of cryptocurrency by promising to become the 'cryptocurrency president'. The industry expects him to fulfill that promise through executive orders to build a Bitcoin reserve fund, provide cryptocurrency businesses with access to banking services, and establish a cryptocurrency council. Two sources said they called for the issuance of these executive orders within the first 100 days of Trump's presidency, hoping that at least one order would be signed on January 20, 2025. Rebecca Rettig, legal and policy director of Polygon Labs, said that enforcement orders must clearly outline key priorities from day one and provide a roadmap. Concerned about crime and instability, Biden's managers have tightened regulations on cryptocurrency companies. Trump promised to change this. His cryptocurrency policy group is being formed, including cryptocurrency-friendly SEC Chairman Paul Atkins and White House cryptocurrency expert David Sacks, announced this month. Brian Hughes, spokesman for Trump's power transition team, said Washington's bureaucratic system has tried to hinder innovation, "but President Trump will fulfill his promise to promote U.S. leadership in the cryptocurrency field." Bitcoin, the leading cryptocurrency, has reached a new high of over $107,000 this month after Trump reiterated plans from his July speech to create a strategic bitcoin reserve fund. Since then, the price has dropped below $100,000. Experts disagree on whether Trump can use executive authority, possibly through the Treasury Department, to create reserves, or whether Congress needs to pass a law. The Minister of Finance will spend 21 billion dollars in one year to build a national bitcoin reserve fund The Bitcoin Policy Institute, a group in the industry, has drafted an executive order that Trump could use to establish the Bitcoin Reserve. According to a draft seen by Reuters, the draft will label bitcoin as a strategic reserve asset and direct the Finance Minister to allocate 21 billion dollars per year to build a national bitcoin reserve fund. Zack Shapiro, director of policy at the Bitcoin Policy Institute, said the United States should lead its geopolitical rivals in using Bitcoin instead of letting the price rise without U.S. reserves. He did not say whether this group shares a draft with Trump's group or not. In July, Trump said he would not allow banks to "choke" cryptocurrency companies out of the traditional financial system. Some executives believe he will address this issue through an executive order. Cryptocurrency companies often complain that banks avoid working with them because of regulations. Although regulators say banks can allow cryptocurrency companies to comply with the law. Federal banking regulators independent of Trump's executive orders Some executives warn that even if Trump signs an executive order requiring regulatory agencies to loosen digital currency, it will mainly signal intent and provide political support. There may be no legal authority as federal regulatory agencies are independent. According to Jonah Krane, a partner at Klaros Group, they will not change the policy immediately, but they will indicate the desired direction of the government. Trump also plans to establish a cryptocurrency industry council, and his team is currently studying the structure and personnel of this council. The executives said that previous administrations had established special councils through executive orders. Trump can address the cryptocurrency industry's concern that current regulations are not suitable for the industry by issuing an executive order outlining key principles for managing cryptocurrencies. This is similar to an order he signed in 2017 requiring regulatory agencies to review banking rules. Krane added, "I wouldn't be surprised if you received something like a legal order right from the start directing agencies to review their rules in this area." DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)