the proposed move is expected to mark a significant policy shift, aiming to legitimize the us crypto industry under trump’s leadership. plans include establishing a crypto advisory council to represent the industry's policy interests.
the executive order could signal a major turnaround for the crypto sector, which has faced numerous fraud investigations during president biden’s tenure. for example, in 2023, americans reportedly lost over $5.6 billion to crypto-related fraud schemes—a 45% increase from the previous year—with investment fraud accounting for $3.96 billion of the losses.
regulatory efforts under biden's administration included the 2021 creation of the national cryptocurrency enforcement team by the department of justice and sanctions on the crypto exchange suex by the treasury department for facilitating ransomware payments.
the potential executive order may also direct agencies to review existing policies for digital assets and pause ongoing crypto-related litigation, according to the report. additionally, it could establish a national bitcoin stockpile, leveraging the us government’s current holdings, valued at $20.6 billion. of this, $20.15 billion consists of bitcoin, which has surged by nearly 50% to over $100,000 since the november election, partly fueled by expectations of such a stockpile.
while the executive order could be unveiled as early as monday, sources caution that its content may change before release. a representative for trump declined to comment on the report.
despite regulatory hurdles during biden’s presidency, the us crypto industry has demonstrated resilience, with major financial firms like blackrock launching spot bitcoin and ether etfs last year.
