Donald Trump, the US president-elect, is reportedly planning to issue an executive directive promoting cryptos. Sources close to the issue told Bloomberg that he is also considering creating a federal store of Bitcoin.
Sources said that the order will elevate cryptos to a national priority from the very first day of Trump’s presidency. This would allow industry insiders to have a voice in Trump’s administration.
The order also intends to establish a Crypto Advisory Council in support of crypto policy priorities.
Trump’s administration announced early this month that it was still looking to appoint 24 CEOs and founding members to its proposed crypto advisory council. In December Trmp named Bo Hines a former North Carolina congressional candidate to lead the newly formed Crypto Council.
Discussions are underway about the possibility of including a directive in this order that would require all government agencies, to review their crypto policies. The order will also prioritize stopping legal actions against crypto firms, like Binance.
The executive order should be available as early as Monday. Sources have stated that the executive order is not final, and it could be altered before it’s made public.
Trump’s Bitcoin Stockpile Plan
Trump said that by holding on to bitcoins, the United States would have a “permanent national asset” to benefit all Americans.
According to Crypto tracking firm Arkham Intelligence the US has already acquired $20 billion in Bitcoin through legal seizures. Trump has already stated his interest in stopping the sale of Bitcoins going forward to create a core stockpile.
Trump stated in July that “our government has been violating the cardinal rule every Bitcoiner knows off by heart: never sell your Bitcoin”.
The BITCOIN act was introduced by Wyoming Senator Cynthia Lummis the same week Trump announced his intention to build a national cryptocurrency stockpile. It calls for the country to purchase one million bitcoins over a five-year period.
A government stockpile of Bitcoin could boost the price for the biggest crypto. A government Bitcoin reserve would also mean fewer tokens to trade, which could leave crypto investors exposed in the event that the government sold some of its reserves.
