US President-elect Donald Trump’s first day back in the White House on Jan. 20 could see him sign a flurry of executive orders — some of which could impact the crypto industry.
The Washington Post reported on Jan. 13 that Trump is expected to sign executive orders after taking office next week covering crypto de-banking and repealing a bank accounting policy that requires banks holding crypto to list the digital assets as a liability.
“The Trump team has made it very clear that this is a priority,” a person involved with the conversations told the Post.
Crypto executives have long accused President Joe Biden’s administration of using financial regulators to pressure banks to cut off the industry from financial services under “Operation ChokePoint 2.0.”
Meanwhile, the industry has been pushing back against the policy to report crypto as a liability, which came about through a March 2022 Securities and Exchange Commission Staff Accounting Bulletin called SAB 121.
Trump addressed the Bitcoin 2024 conference in July, where he promised to make the US a global “crypto capital.” Source: YouTube
Reuters also reported on Dec. 23 that crypto industry officials were pushing Trump to issue crypto-related executive orders within his first 100 days in office, and some expected at least one would come on day one.
The Post also reported that Trump’s crypto and artificial intelligence czar, David Sack, hosted a luncheon for tech execs and government officials on Dec. 20, where he said Trump would revoke Biden’s sweeping 2023 AI executive order, which was decried among conservatives for language saying AI must operate “in a manner that advances equity.”
Andreessen working behind the scenes
VC Marc Andreessen, known for backing tech and crypto companies, has also reportedly been helping build Trump’s incoming administration behind the scenes.
Related: Crypto deregulation under Trump: Promises vs reality
The Post reported that since Trump’s election, he’s frequently visited the president-elect’s base of operations at his Florida Mar-a-Lago Club and has been recruiting and screening candidates for spots in the administration.
Andreessen’s sway isn’t just over picks for government tech leaders but also for defense and intelligence roles.
During his campaign, Trump courted the crypto industry with promises of making the country a “crypto capital,” promising a Bitcoin (BTC) strategic reserve and easing the regulatory scrutiny of the industry.
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