Incoming US president Donald Trump is poised to issue an executive order that will designate cryptocurrency as a national priority, as reported by Bloomberg.
The anticipated order aims to elevate cryptocurrency to a key policy concern and facilitate collaboration between government agencies and the sector, according to sources cited by Bloomberg. It may include a directive for all government agencies to assess existing crypto policies and temporarily halt any ongoing litigation related to cryptocurrency.
Amid several SEC enforcement actions and high-profile fraud cases like the FTX incident, the crypto industry is focusing its attention on Washington. Companies such as Coinbase and Ripple have contributed significant amounts to a super political action committee supporting pro-crypto candidates in the upcoming 2024 US elections.
Additionally, both Ripple and Coinbase have made donations to Trump’s inaugural committee, with an “Inaugural Crypto Ball” scheduled for Friday evening before Monday’s inauguration.
Following Trump’s election victory in November, Bitcoin’s price surged past the $100,000 mark in December, as both retail and institutional investors anticipated a more favorable regulatory environment for cryptocurrency under his administration.
Trump has also appointed David Sacks, the former PayPal chief operating officer and a known advocate for cryptocurrency, as the “White House AI and Crypto Czar.”