The cryptocurrency industry is pushing President-elect Donald Trump’s team to kick start his promised crypto policy overhaul when he takes office next month with executive orders that would help push tokens mainstream, according to industry officials.
They are pushing for those executive orders within Trump’s first 100 days in office, and expect at least one could come on Jan. 20, said two other people with knowledge of the matter. “There has been an effort in the Washington bureaucratic swamp to stifle innovation... but President Trump will deliver on his promise to encourage American leadership in crypto,” Trump transition team spokesperson Brian Hughes said in a statement.
One industry group, the Bitcoin Policy Institute, has gone as far as to draft a text of a potential executive order Trump could use to establish such a stockpile. Trump also said in July that he would not let banks “choke” crypto firms out of the traditional financial system, and some executives expect he will also try to address that issue with an executive order. Crypto companies have long complained that banks won’t work with them due to regulatory scrutiny, although regulators say banks are free to lend to crypto firms that follow the law.
Trump has also said he’ll create a crypto industry council and his team is discussing how to structure and staff it. Previous administrations have stood up specialized councils via executive orders, executives noted.
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