Bitcoin above $100k as Trump reportedly plans crypto push

Investing.com-- U.S. President-elect Donald Trump is preparing to sign an executive order making cryptocurrency a national policy priority and granting industry leaders a significant role in shaping regulations, Bloomberg reported on Friday citing sources.

The move could reshape how the U.S. government approaches digital assets, marking a sharp turn from the current administration’s enforcement-heavy strategy.

The forthcoming order, expected as early as Monday, aims to elevate cryptocurrency to a national imperative. It may establish a crypto advisory council to advocate industry-friendly policies, signaling a warmer stance after years of regulatory crackdowns, the report stated.

Bitcoin was 0.4% higher at $100,285.5 as of 19:34 ET (00:34 GMT).

Federal agencies under President Joe Biden filed over 100 enforcement actions against crypto firms, including Binance and Ripple , and tightened restrictions on banking access for the sector following scandals such as FTX’s collapse.

Key measures under consideration include a review of existing digital asset policies by all federal agencies and a potential pause on litigation against crypto firms, Bloomberg said, citing unnamed sources familiar with the plans.

Notably, the order may create a national Bitcoin stockpile using the government’s $20 billion in confiscated Bitcoin holdings, the report stated.

Trump, who actively supported crypto during his campaign, has pledged to make the U.S. the global leader in digital assets.

The executive order, if issued, would build on momentum from private industry. Major financial players like BlackRock (NYSE:BLK ) and BNY Mellon (NYSE:BK ) launched crypto products, while Cantor Fitzgerald announced a Bitcoin financing venture, according to the report.

Bitcoin has rallied significantly since Trump’s election in November, reaching a record high above the $108,000 mark last month, bolstered by optimism surrounding his pro-crypto stance.

The executive order remains under discussion and could change, Bloomberg added.

Source: Investing.com