Trump plans pro-crypto executive order on day one

President-elect Trump may sign a pro-crypto executive order on his first day, targeting debanking and overregulation to boost the cryptocurrency industry.

President-elect Donald Trump is reportedly preparing to sign an executive order supporting cryptocurrency regulations on his first day in office, according to the Washington Post. Sources involved in the discussions reveal that Trump's team, led by incoming crypto advisor David Sacks, has been working closely with cryptocurrency industry leaders to develop policies aimed at ending unfair banking practices and overregulation.

The executive order could address the issue of “debanking,” where banks politically restrict or shut down crypto firms' accounts. Additionally, it may include repealing Staff Accounting Bulletin (SAB) 121, a government guideline that forces companies to classify digital assets as liabilities on their balance sheets, which has been criticized for hampering the industry.

An anonymous source familiar with the discussions stated, “The Trump team has made it very clear that this is a priority.” According to the Washington Post, Trump’s administration plans to remove barriers created by unnecessary regulation and taxation, fostering innovation in the cryptocurrency sector.

Brian Hughes, a spokesperson for Trump’s transition team, emphasized the administration's commitment to protecting online free speech, reducing big tech censorship, and building a legal framework for the crypto industry to flourish. “With support from entrepreneurs eager to turn the page on the past four years, President Trump and David Sacks will ensure the crypto industry thrives in the United States,” Hughes said.

Another insider shared that Trump’s administration aims to appoint tech-friendly leaders to various government agencies, including the White House, Pentagon, and the Department of Health and Human Services, to promote their agenda and drive innovation across multiple sectors.