President Donald Trump plans to leverage his executive authority to ease the regulatory challenges faced by crypto businesses and encourage wider adoption of digital assets during his first days of administration, according to three sources familiar with the matter.
Trump, who garnered support from cryptocurrency enthusiasts during his campaign by pledging to be a “crypto-friendly president,” is anticipated to sign an executive order to establish a cryptocurrency advisory council, according to two of the three sources, who requested anonymity.
Last Thursday, Bloomberg News reported that Trump intends to create a cryptocurrency council through an executive order. The council, which could consist of up to 20 members, would provide guidance to the government on creating policies supportive of digital assets.
Advisers close to Trump have also discussed issuing an executive order instructing the Securities and Exchange Commission (SEC) to revoke the 2022 accounting rule—SAB 121—which has made it financially burdensome for some businesses, mainly banks, to offer cryptocurrency custodial services for third parties.
In addition, Trump is anticipated to order the termination of “Operation Choke Point 2.0.” The term, used by crypto leaders, refers to what they allege is a coordinated effort by banking regulators to exclude cryptocurrency companies from the conventional financial system by pressuring banks to deny them services. Regulators have consistently denied any such coordinated actions.
It remains unclear whether these changes will be implemented through one or multiple executive orders. However, the sources noted that the primary objective is to send a strong, immediate signal that the administration is committed to supporting digital assets.
If the policies are enacted by the relevant regulatory bodies, they could significantly advance the mainstream acceptance of cryptocurrencies, according to experts in the field.
Trump’s approach stands in stark contrast to the policies of the outgoing president, Joe Biden, whose administration sought to curb money laundering and fraud by pursuing legal actions against crypto companies, including Kraken, Coinbase, and Binance.
Among Trump’s appointees are pro-crypto figures such as Paul Atkins as SEC chair, Scott Bessent as Treasury secretary, and Howard Lutnick as Commerce secretary.
Cryptocurrency critics often highlight high-profile cases like Binance’s Changpeng Zhao, briefly jailed for money laundering, and Sam Bankman-Fried, who received a 25-year prison sentence for fraud, as evidence of the industry’s risks.
Crypto regulations are just one of many issues Trump plans to address through executive orders at the start of his second term, with other areas including immigration policy and energy production.
The crypto industry and its established actors like Stronghold Digital Mining Inc. (NASDAQ: SDIG) look forward to an administration which makes an effort to provide regulatory clarity so that the industry can grow.
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