Trump "pave the way" for cryptocurrencies - Plans regulatory relief for industry expansion
President-elect Donald Trump is planning to use executive power to reduce the regulatory burden facing cryptocurrency companies and promote the adoption of digital assets from his first days in office.
Trump, who promised to be a "cryptopresident," is expected to sign an executive order creating a council on digital currencies, an idea he first floated in July.
His advisers have also discussed using an executive order to overturn guidelines that have made it too costly for some companies, and particularly banks, to hold cryptocurrencies on behalf of third parties.
Trump is expected to order an end to efforts by banking regulators to push crypto companies out of the traditional financial system, prompting banks to deny them services. If implemented by the relevant regulators, Trump's expected policy directives have the potential to push digital currencies into the "mainstream," experts say.
This is in stark contrast to President Joe Biden's regulators, who, to protect Americans from fraud and money laundering, cracked down on crypto companies, suing exchanges Coinbase, Binance, Kraken and dozens of others in federal court.
Industry critics point to the downfall of top cryptocurrency executives like Sam Bankman-Fried, who was sentenced to 25 years for fraud, and Binance founder Changpeng Zhao, who went to prison for money laundering, as evidence of the industry's dangers.
Cryptocurrency regulations aren't the only topic Trump is expected to address with executive orders in the opening days of his second four-year term. The new president's team has promised dozens of executive orders related to energy production and illegal immigration.
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