As President-elect Donald Trump prepares to step into the White House next week, the cryptocurrency industry is bracing for significant changes. Sources have confirmed that on his very first day in office, Trump plans to issue a series of executive orders that could fundamentally reshape the future of digital assets and banking regulations in the United States.
According to reports from The Washington Post, Trump’s administration is set to tackle two key issues: debanking practices and the controversial accounting policy for digital assets. Under the current rule, banks that hold cryptocurrencies must classify them as liabilities on their balance sheets—a regulation that has been heavily criticized by industry leaders as a major barrier to growth and innovation.
One insider familiar with the plans revealed just how high of a priority this issue is: “The Trump team has made it very clear that this is a priority.” The expected executive orders could provide much-needed clarity for crypto businesses, signaling a shift towards more favorable regulations for the rapidly growing industry.
At the core of Trump’s crypto vision is his recent appointment of David Sacks, a tech entrepreneur, as the White House AI & Crypto Czar. In this pivotal role, Sacks will be responsible for overseeing both cryptocurrency and artificial intelligence policies, areas that Trump believes are crucial for maintaining America’s leadership in the global tech race. “David will focus on making America the clear global leader in both areas,” Trump said in his December announcement. “He will safeguard free speech online and steer us away from Big Tech bias and censorship. He will work on creating a legal framework that will help the crypto industry thrive in the U.S.”
Sacks, who will also head the Presidential Council of Advisors for Science and Technology, is tasked with guiding the administration’s strategy on cutting-edge technologies and fostering innovation.
Trump’s newfound support for cryptocurrency marks a dramatic turnaround from his previous position. In 2019, the former president dismissed Bitcoin and other digital currencies as “not money” and criticized their volatility. However, his 2024 campaign revealed a stark change in stance. Trump became the first major party candidate to accept cryptocurrency donations, raising a staggering $4 million by July of that year. He also made headlines when he delivered the keynote address at the 2024 Bitcoin Conference in Nashville, where he blasted the Biden administration’s “anti-crypto crusade” and promised to make the U.S. the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
Brian Hughes, a spokesperson for the Trump-Vance transition team, emphasized that the administration’s focus on innovation and reducing regulation would create a more business-friendly environment for the crypto sector. “There has been an effort in the Washington bureaucratic swamp to stifle innovation with more regulation and higher taxes,” Hughes said. “President Trump and David Sacks will safeguard free speech online, steer us away from big tech censorship, and create a legal framework that will allow the crypto industry to thrive in the United States.”
The anticipated executive orders addressing debanking are particularly important for the crypto community, as many businesses have struggled to gain access to traditional banking services due to regulatory uncertainties and perceived risks associated with digital assets. Trump’s efforts to alleviate these concerns could help make the U.S. a more attractive destination for crypto startups and investors.
Trump’s bold approach to cryptocurrency reflects his broader vision of positioning the U.S. as a global leader in digital innovation. By cutting through red tape and reducing regulatory barriers, his administration hopes to foster an environment that encourages growth in the crypto and blockchain sectors, which could be a key driver of American competitiveness in the years to come.
Industry insiders have responded with cautious optimism to Trump’s proposals. While many welcome his focus on clarity and innovation, some remain wary of potential overreach or unintended consequences of the new policies. Regardless, the cryptocurrency industry is already buzzing with anticipation as Trump’s plans to reshape the regulatory landscape take shape.
As Trump prepares to take office next week, the world is watching closely to see how his administration will handle the future of cryptocurrency regulation. With his commitment to reducing bureaucratic hurdles and fostering an environment that encourages investment and development, Trump’s actions on his first day in office could signal the start of a new era for the digital economy.
If these executive orders are successful, they may not only transform the U.S. crypto landscape but also secure America’s place as the global leader in digital finance and blockchain technology. Trump’s leadership could set the stage for a new chapter of growth and innovation in the world of cryptocurrency.
