U.S. President-elect Donald Trump intends to issue an executive order to set cryptocurrency as a national policy priority, Bloomberg reported, citing sources familiar with the matter.
The sources said that the executive order is expected to establish crypto as a national imperative, aiming to enhance government collaboration with the crypto sector, according to the Bloomberg report.
With the order, Trump plans to set up a crypto advisory council to give crypto industry players a stronger voice in his administration, the report said.
Ron Hammond, senior director of government relations at the Blockchain Association, said in a previous interview with The Block that such a crypto council would consist of crypto executives, while it will be up to the firms to pick who will represent them in the council.
Trump's incoming administration, set to start next Monday, is expected to adopt a more open stance on cryptocurrencies. Hammond told The Block that it is unclear whether a crypto executive order will come to fruition on the day of Trump's inauguration, or within the first week.
Meanwhile, the Washington Post reported on Monday that one of Trump's upcoming executive orders may include repealing the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, SAB 121.
The President-elect is also receptive to establishing an “America-first” strategic reserve that prioritizes coins founded in the U.S., such as USDC, SOL and XRP, the New York Post reported. Trump has said that he intends to create a strategic crypto reserve to position the nation as the leader of the crypto sector.
After Trump's election in November, several U.S. states have proposed bills for bitcoin reserves. Representatives from states, including Texas, Pennsylvania, Ohio and Oklahoma, have recently pushed to build bitcoin reserves in their respective states.
Trump’s inauguration will be met with a flurry of events organized by crypto organizations in the coming weeks. BTC Inc. and Stand With Crypto are hosting the Inaugural Crypto Ball today at the Andrew W. Mellon Auditorium in Washington, D.C.
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