Donald Trump to Back Crypto on Day One.
President-elect Donald Trump is set to sign an executive order on cryptocurrency regulations on his first day in office, as reported by the Washington Post. His team, led by crypto advisor David Sacks, is collaborating with industry leaders to create policies that tackle unfair banking practices and excessive regulation.
One key issue the executive order may address is “debanking,” where banks restrict or close accounts of crypto firms for political reasons. The order might also aim to repeal Staff Accounting Bulletin (SAB) 121, which requires companies to list digital assets as liabilities, a guideline that has been criticized for hindering the industry’s growth.
An anonymous source indicated that prioritizing cryptocurrency regulation is a clear focus for Trump’s team. The administration intends to eliminate unnecessary regulations and taxes, which could help foster innovation within the cryptocurrency sector.
Brian Hughes, a spokesperson for Trump’s transition team, highlighted the administration’s dedication to protecting online free speech and reducing censorship from big tech companies. He stated that Trump and Sacks are committed to creating a supportive legal environment for the crypto industry in the U.S.
Additionally, insiders revealed that Trump’s administration plans to appoint leaders who are favorable to technology across various government agencies, including the White House and the Pentagon. This strategy aims to promote innovation and support the crypto agenda.
Recent reports suggest that Trump owns a significant amount of Bitcoin. This information was revealed on January 14 by Adam Back, the CEO of Blockstream, through a video shared on X (formerly Twitter).
