U.S. President Donald Trump is set to sign a decree that will designate cryptocurrency as a national priority, according to sources familiar with the preparation of the document. The decree will position the crypto industry as a key area of state policy and establish an advisory council to facilitate interaction with the government.
The strategic decree will aim to align federal agencies for closer cooperation with the crypto industry. The advisory council will advocate for the industry’s interests and potentially halt ongoing litigation impacting companies like Binance and Ripple.
The cryptocurrency community has shown strong support for Trump, with major companies such as Coinbase and Ripple making substantial donations to his Inaugural Committee. In anticipation of the inauguration, the industry is even organizing a “Crypto-Man” event in honor of the president-elect.
This move marks a significant shift for the cryptocurrency industry, which faced scrutiny and investigations during the presidency of Joe Biden. Regulatory bodies, such as the Securities and Exchange Commission, have filed over 100 claims against sector companies, and banks have stepped up their scrutiny of crypto firms.
One potential initiative under the decree could be the establishment of a national Bitcoin reserve, which would include seized assets. Analysts at ARKHAM suggest that the U.S. government already holds approximately $20 billion worth of Bitcoin. In anticipation of these developments, Bitcoin’s price has surged by over 50% since November, surpassing $100,000.
During his election campaign, Trump expressed strong support for cryptocurrency and pledged to make the United States a global hub for the industry. He previously spoke at a major Bitcoin conference and announced plans for the crypto platform, World Liberty Financial, which is yet to launch.
Despite regulatory challenges in the past, the crypto industry continues to expand. Major financial players like BlackRock and BNY Mellon have bolstered their presence in the cryptosphere, underscoring its strategic significance for the economy.