The cryptocurrency sector is abuzz with anticipation as United States President-elect Donald Trump prepares to potentially issue crucial executive orders impacting the industry on January 20. Reports from the New York Post suggest that Trump is considering the establishment of an "America-first" digital asset reserve, focusing on cryptocurrencies developed within the United States.
This initiative aligns with earlier discussions within Trump's transition team about creating a strategic Bitcoin reserve. As his inauguration approaches, there is widespread speculation regarding the content of these executive orders and their potential ramifications for the crypto industry.
It is reported that Trump and his team are drafting executive directives to bolster cryptocurrencies. A significant measure under consideration is the repeal of the contentious crypto accounting rule, SAB 121.
The envisioned “America-first” reserve may emphasize digital assets like XRP, Solana, and the USDC stablecoin, emphasizing their strong U.S. ties.
Recent meetings at Mar-a-Lago have reportedly involved Trump and Ripple executives, including CEO Brad Garlinghouse and CLO Stuart Alderoty. This engagement suggests Trump's openness to their ideas.
Nonetheless, there are concerns that Trump's inclination towards altcoins might detract from efforts to enhance Bitcoin's acceptance.
The crypto community sees Trump's upcoming inauguration as a potential watershed moment, after what they describe as years of regulatory antagonism under the Biden administration. The previous administration allegedly enforced measures like "Operation Chokepoint 2.0," curtailing banking services for crypto firms, thereby stunting innovation.
A recent Washington Post article suggests the incoming administration plans to tackle these challenges through executive actions. Potential initiatives include creating a Bitcoin reserve and ending exclusionary practices against crypto companies in banking.
Furthermore, the industry expects substantial regulatory shifts with a new-look SEC potentially led by Paul Atkins. Trump has also named venture capitalist David Sacks as the first AI and crypto czar for the U.S. Additionally, a "Crypto Ball" event is scheduled for Friday, preceding Trump’s inauguration, reflecting the sector’s optimism about a more supportive regulatory climate.