President-elect Donald Trump is reportedly gearing up to sign a pro-cryptocurrency executive order on his first day in office, signaling a bold move to bolster the crypto industry. According to sources cited by the Washington Post, Trump’s team, led by incoming crypto advisor David Sacks, has been working with industry leaders to craft policies that address banking restrictions and overregulation.
Addressing Key Industry Concerns
The executive order aims to tackle “debanking.” This is a practice where banks restrict or shut down accounts belonging to cryptocurrency firms. It may also propose repealing Staff Accounting Bulletin (SAB) 121. This guideline requires companies to classify digital assets as liabilities on their balance sheets. Many argue this stifles growth in the sector.
A source familiar with the matter said, “The Trump team has made it very clear that supporting cryptocurrency innovation is a top priority.” The administration reportedly plans to remove regulatory and tax barriers. This is expected to create a more favorable environment for the industry.
Commitment to Innovation and Free Speech
Brian Hughes, a spokesperson for Trump’s transition team, highlighted the administration’s commitment to protecting online free speech, reducing big tech censorship, and establishing a solid legal framework for the crypto sector. “President Trump and David Sacks are determined to ensure the U.S. becomes a global leader in cryptocurrency innovation,” Hughes stated.
A Tech-Friendly Administration
Insiders revealed plans to appoint tech-savvy leaders to key agencies. These include positions in the White House and the Department of Health and Human Services. The goal is to drive innovation not only in cryptocurrency but also across other technology sectors.
Through this initiative, Trump’s administration hopes to align with entrepreneurs and investors. This approach aims to position the United States as a leader in the rapidly evolving cryptocurrency landscape.
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