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Trump's Executive Order Aims to Transform Crypto Regulation
Donald Trump's administration is set to implement significant changes in cryptocurrency regulations in the U.S. His forthcoming executive order aims to improve the environment for the crypto industry by requiring government agencies to work closely with the sector. Additionally, a Crypto Advisory Council comprising industry experts will be established to guide government policies related to digital assets.
Review of Legal Actions and Potential Bitcoin Stockpile
The executive order will mandate a review of existing rules on digital assets and may pause legal actions against significant companies like Ripple Labs and Binance. Trump is also considering creating a national Bitcoin stockpile by consolidating approximately $20 billion in Bitcoin currently held by the government, which is expected to boost confidence in Bitcoin and positively impact its market price.
Easing Regulations and Support for the Crypto Market
Moreover, Trump intends to ease strict regulations within the crypto space and may appoint crypto-friendly advocates to key positions. Changes like the potential repeal of the controversial Staff Accounting Bulletin No. 121 (SAB 121), which complicates banks' ability to offer custodial services for digital assets, along with the expected approval of the Financial Innovation & Technology for the 21st Century Act (FIT21), indicate a move towards a more supportive regulatory environment for cryptocurrencies, benefiting traditional banks and the broader crypto market.
