According to the Washington Post, President-elect Donald Trump plans to sign an executive order regarding cryptocurrency regulations on his first day in office. David Sacks, a crypto advisor, is leading his team in collaboration with industry leaders to develop policies aimed at addressing unfair banking practices and excessive regulation.
A significant concern that the executive order might tackle is “debanking,” which occurs when banks restrict or terminate the accounts of cryptocurrency companies due to political motivations. The order could also seek to overturn Staff Accounting Bulletin (SAB) 121, which mandates that companies categorize digital assets as liabilities, a regulation perceived as harmful to the industry.
A source revealed that the Trump team considers this initiative a top priority. The administration plans to remove unnecessary regulations and taxes to promote innovation in the cryptocurrency sector.
Brian Hughes, a representative for Trump’s transition team, emphasized the administration’s commitment to protecting online free speech, minimizing censorship from major tech companies, and creating a favorable legal environment for the cryptocurrency sector. Hughes mentioned that with support from entrepreneurs, Trump and Sacks will focus on fostering growth in the cryptocurrency sector in the United States.
Sources also suggest that the Trump administration intends to select leaders who support technology in multiple government agencies, such as the White House, Pentagon, and Department of Health and Human Services. This approach focuses on fostering innovation and pushing their agenda across various sectors.
According to reports, Trump is said to possess a considerable quantity of Bitcoin. On January 14, Adam Back, an important person in the cryptocurrency industry and CEO of Blockstream, disclosed this information in a video posted on X (previously known as Twitter).
