Investing.com– US President-elect Donald Trump is preparing to sign an executive order that will make cryptocurrencies a national policy priority and give industry leaders a major role in shaping regulations Bloomberg reported on Friday, citing sources.
The move could reshape how the US government approaches digital assets, marking a sharp turn from the current administration's heavy enforcement strategy.
The next order, expected on Monday, aims to elevate cryptocurrency to a national imperative. It could establish a crypto advisory council to advocate for industry-friendly policies, signaling a warmer stance after years of regulatory crackdowns, the report said.
rose 0.4% to $100,285.5 at 7:34 p.m. ET (00:34 GMT).
Federal agencies under President Joe Biden filed more than 100 enforcement actions against cryptocurrency companies, including Binance and , and tightened restrictions on banking access for the sector following scandals such as the collapse of FTX.
Key measures being considered include a review of existing digital asset policies by all federal agencies and a possible pause on litigation against cryptocurrency companies, Bloomberg said, citing unnamed sources familiar with the plans.
Notably, the order may create a national Bitcoin reserve using the $20 billion in Bitcoin holdings confiscated by the government, according to the report.
Trump, who actively supported cryptocurrencies during his campaign, has pledged to make the United States the world leader in digital assets.
The executive order, if issued, would build on the momentum of private industry. Major financial players such as BlackRock (NYSE đŸ™‚ and BNY Mellon (NYSE đŸ™‚) launched crypto products, while Cantor Fitzgerald announced a Bitcoin financing company, according to the report.
Bitcoin has rallied significantly since Trump's election in November, hitting a record high above the $108,000 mark last month, driven by optimism around his pro-cryptocurrency stance.
The executive order remains under discussion and could change, Bloomberg added.
