◆…Donald Trump, the President-elect, attended a cryptocurrency conference in Nashville, Tennessee last July 2024.07.27
Reports have surfaced that US President-elect Donald Trump, who will be inaugurated on the 20th (local time), plans to announce an executive order that prioritizes cryptocurrency in policy and incorporates industry figures into the administration.
On the 16th (local time), Bloomberg reported, citing sources, that Trump intends to elevate cryptocurrency as a policy priority through this executive order, fostering collaboration between government agencies and the industry.
Sources also indicated that the executive order might include the creation of a “Cryptocurrency Advisory Committee” to represent the industry’s policy priorities.
The media reported that while this executive order is likely to be signed on his first day in office on the 20th (local time), it has not yet reached the final confirmation stage.
There are also talks of a directive to suspend all lawsuits related to cryptocurrencies. Reuters reported on the 15th (local time) that the next administration’s Securities and Exchange Commission (SEC) might re-evaluate cryptocurrency-related cases and temporarily pause those without fraud allegations.
The New York Times (NYT) reported that crypto figures have conveyed their opinions regarding the executive order to David Sacks, the former PayPal Chief Operating Officer (COO), who has been appointed as the incoming administration’s “Crypto and AI Czar.”
The NYT also mentioned that Trump had brought up the idea of bitcoin reserves to cryptocurrency industry figures at a related conference last July. When asked last month if he would execute the cryptocurrency reserves, he responded, “It seems likely.”
President-elect Trump, who previously criticized virtual assets as “fraud,” has recently changed his stance and is declaring that he will make the US “the capital of global cryptocurrencies.” He is raising industry expectations by nominating crypto-friendly figures like Scott Besant for Treasury Secretary and Paul Atkins for SEC Chairman.
Furthermore, Trump and his designated cryptocurrency-related officials have expressed their intention to work towards deregulating the industry in the next administration.
Under the Biden administration, federal agencies, including the SEC led by Gary Gensler, often referred to as the “cryptocurrency grim reaper,” have taken over 100 enforcement actions against the industry.
The cryptocurrency industry has consistently complained about Gensler and the SEC, criticizing the agency for regulating the industry through enforcement without providing clear guidelines. According to the Blockchain Association, since 2021, cryptocurrency companies have spent $426 million (approximately 597 billion KRW) on defense litigation.