Trump Plans Executive Orders on Cryptocurrency

President-elect Donald Trump plans to issue a series of executive orders focused on cryptocurrency on the first day of his presidency, aiming to reshape the regulatory landscape. Key initiatives include establishing a presidential crypto council and reversing the controversial SAB 121 rule, which currently discourages banks from holding digital assets. Trump's administration intends to address widespread issues such as de-banking in the crypto sector, allowing banks to engage with crypto businesses more freely. Additionally, a Strategic Bitcoin Reserve is proposed, where the U.S. government would buy Bitcoin to treat it as a strategic asset. The involvement of prominent tech leaders like Marc Andreessen and David Sacks in Trump's transition team signals a significant shift towards fostering innovation in the crypto space. This pivot comes in response to perceived regulatory challenges faced during the Biden administration, with hopes that Trump’s directives will provide much-needed clarity and support for the industry.