The cryptocurrency industry could be affected by the executive actions taken by Donald Trump on his first day as president.
According to a report The Washington Post published on Jan. 13, Trump will prioritize executive orders that address crypto de-banking, and revise a controversial policy of bank accounting.
The orders are expected to include the repeal of the policy implemented under the Biden Administration, which required banks that held cryptocurrency to list them as liabilities.
The Securities and Exchange Commission (SEC) released its Staff Accounting Bulletin SAB 121 in March 2022. This bulletin was met with resistance by the crypto industry.
Trump Team to Reverse SAB-121
Sources close to the discussion confirm that the Trump team is adamant about the importance of reversing the measures.
The crypto industry has long criticized Biden’s administration for what they perceive as a targeted crackdown. This is often referred as “Operation ChokePoint 2.1,” aimed to cut off the sector’s financial services.
Industry leaders have called on Trump to take action, including issuing executive orders related to cryptography, in his first 100 days as president.
Insiders believe that at least one of these orders could be signed by the President on his first day in office.
Trump’s administration will likely revisit other tech-related regulations in addition to the crypto-focused policies.
David Sack has recently indicated his intention to revoke Biden’s executive order on artificial intelligence for 2023.
Conservatives criticized this order for its focus on AI technology to advance equity.
Marc Andreessen, a venture capitalist, is said to have played a key role in Trump’s new administration.
Andreessen, who is known for his investments and knowledge of crypto and tech, has actively recruited candidates for key positions in the technology, intelligence, and defense sectors.
During his election campaign, Trump promised to boost the U.S. cryptocurrency sector by promising a Bitcoin Strategic Reserve and reduced regulatory barriers.
New Hampshire and North Dakota are the latest U.S. states to propose Bitcoin Reserves
New Hampshire and North Dakota introduced legislation to create strategic Bitcoin reserves. This is part of a growing trend in the United States to diversify state treasuries by using cryptocurrency.
Ohio had previously proposed to add Bitcoin to the state’s treasury after a new bill was introduced by House Republican Leader Derek Merrin.
On 12 December 2024 Texas Representative Giovanni Capriglione presented the Texas Strategic Bitcoin Reserve Act. This act proposes that the comptroller of the state hold Bitcoin for a minimum of five years as a reserve.
Pennsylvania made a similar move in November. Representative Mike Cabell proposed a bill that would allow the state’s treasury up to 10% in Bitcoin to be allocated to its balance sheet, citing Bitcoin as a potential hedge against economic uncertainties.
Additionally, corporate Bitcoin investors like MicroStrategy (formerly Metaplanet) and MicroStrategy have increased their Bitcoin holdings.
