The crypto industry is frozen in anticipation of Trump fulfilling his election promises

The crypto industry is waiting for Donald Trump to fulfill his election promises and sign a number of decrees that could radically change the rules of the game in the cryptocurrency market. Possible Trump initiatives include creating a national bitcoin reserve, providing cryptocurrency companies with access to banking services, and creating a special council on cryptocurrencies.

Image source: convertcrypto.ru

During the election campaign, Trump actively attracted the attention of the crypto community, promising to become a “crypto president.” Now the industry is looking to him to deliver on those promises through executive orders to create a Bitcoin stockpile, provide banking access to crypto companies, and form a crypto council. According to Reuters, the industry is pushing for these orders to be issued within the first 100 days of Trump’s presidency, with some hoping the first order could come as soon as January 20.

«Given the tone of the campaign, it would be critical that the executive orders set out clear priorities on day one and provide some sort of road map,” said Rebecca Rettig, director of legal and policy at Polygon Labs.

Trump has promised to reverse the course set under President Joe Biden. His team in this direction is already taking shape, including the appointment of Paul Atkins as head of the Securities and Exchange Commission and David Sacks as the White House “crypto head”. Also, Trump transition team spokesman Brian Hughes said: “There are forces in Washington that are trying to suppress innovation, but President Trump will keep his promise and support American leadership in the field of cryptocurrencies.”

However, analysts are divided on Trump’s idea of ​​a strategic bitcoin reserve. There is debate over whether he could use executive authority to create such a reserve through the Treasury Department, or whether Congressional approval would be required. In any case, the Bitcoin Policy Institute has already prepared a draft decree that provides for the allocation of $21 billion for the formation of a reserve within a year. At the same time, the head of the institute, Zack Shapiro, believes that “the United States must get ahead of its geopolitical competitors in the matter of monetizing Bitcoin before allowing the price to rise without any reserves.”

Another problem that Trump intends to solve is the complexity of interaction between cryptocurrency companies and banks. Crypto companies have long complained that banks are reluctant to work with them due to regulatory scrutiny, although regulators themselves say this is not prohibited.

And while an executive order directing banking regulators to ease their policies on cryptocurrencies could send a message to officials and gain them political support, it is unlikely to be legally binding because federal banking regulators are independent, experts warn. “This move will show what direction the new government has chosen, but it will not be a game changer on day one,” said Jonah Krane, a partner at Klaros Group.