With President Donald Trump taking charge, the crypto industry wants him to issue an executive order banning US central bank digital currency (CBDC) aka the Digital Dollar. During his presidential campaign last year in May, Trump made a similar promise to the industry and now is the time to walk the talk. Besides, demand for Trump to sign an executive order for a strategic Bitcoin reserve is growing.
Fox Business journalist Eleanor Terret has reported that President Donald Trump is anticipated to sign two significant executive orders related to cryptocurrency. One order is expected to establish a dedicated crypto council, while the other would ban the creation of a Central Bank Digital Currency (CBDC).
As per reports, the Crypto Council will be meeting this Thursday where the crypto industry can expect some big decisions coming. Terret mentioned that details regarding the executive orders remain unclear, however, the potential actions have sparked widespread interest and speculation within the crypto community.
In his support for Bitcoin last year, Donald Trump also stated that he would never allow the creation of a US CBDC. On the other hand, there’s been a strong push for building a strategic Bitcoin reserve. On several occasions, the President has said that Bitcoin as a reserve asset will help to reduce the humongous $36 trillion US National Debt as of date.
While many from the crypto industry expected Donald Trump to issue crypto executive orders on Day 1, this hasn’t materialized so far. The industry is curious to know whether Trump would keep his promises for the crypto industry and walk the talk. Here are a few market expectations in the first 100 days at the office.
Having a strategic Bitcoin reserve has been among the top priority for the industry with Donald Trump himself praising the asset class. Top industry leaders like Michael Saylors and crypto exchange Coinbase have extended support for the same.
Now, the industry is waiting for an executive order for the same, with Wyoming Senator Cynthia Lummis being an ardent proponent of it. Other leaders have also opposed the idea of having a US CBDC or a USA coin for that sake.
The Trump administration is likely to establish a presidential crypto council comprising approximately 20 key figures from the cryptocurrency industry. The council, expected to include prominent CEOs and founders, will provide policy guidance. Besides, it will advise on digital asset issues, and help shape the administration’s approach to crypto regulation during Trump’s era.
For a crypto-friendly regulatory environment, Trump has already appointed David Sacks as the White House’s crypto czar. Reports also suggest that Trump will allow US Banks to offer crypto trading services along with the SEC leadership repealing the controversial Staff Accounting Bulletin 121 (SAB 121) rule.
During the Presidential campaign last year in May, Donald Trump stated that he would commute the sentence of Ross Ulbricht, the founder of Silk Road, on his first day in office. Although there’s no word from the Trump team regarding this, insiders say that Trump will pardon Ulbricht’s sentence within the first 24-48 hours.
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