President-elect Donald Trump is preparing to announce an executive order that will make cryptocurrency a significant policy priority and include industry leaders in his administration, according to sources familiar with the matter.

The upcoming order is expected to classify cryptocurrency as a national priority—strategic language intended to encourage cooperation between government agencies and the industry, according to insider information. It is also likely to establish a crypto advisory council that will advocate for the industry’s policy interests, as noted by individuals who spoke on the condition of anonymity about an order that is yet to be revealed to the public.

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Trump has received significant support from the crypto sector, which wields considerable influence in Washington, bolstered by well-funded political action committees. Several companies, including Coinbase and Ripple, have contributed to Trump’s inaugural committee in recent months. Just days ahead of the inauguration, the sector is organizing an “Inaugural Crypto Ball” to back Trump.

The executive order would signal a crucial change for cryptocurrency, which has been under rigorous scrutiny and investigation during President Joe Biden’s administration, following several high-profile fraud incidents, including the collapse of the FTX exchange. Federal entities like the Securities and Exchange Commission have initiated over 100 enforcement actions against the crypto sector in recent years, while banking regulators have imposed barriers for crypto firms working alongside financial institutions.

Discussions are ongoing about possibly including a requirement in the executive order for all government agencies to reevaluate policies concerning digital assets and potentially suspend any ongoing litigation related to cryptocurrency, the sources revealed. Suspending legal actions targeting various firms ranging from Binance Holdings, the largest crypto exchange, to startup Ripple Labs is a significant priority for the industry.

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Another proposal being considered involves the creation of a national Bitcoin stockpile, which would encompass the government’s existing holdings of the top cryptocurrency, according to the sources. The US government is believed to hold nearly $20 billion worth of Bitcoin, acquired through various investigations, as reported by analytics firm Arkham. Bitcoin’s price has risen nearly 50%, exceeding $100,000, since the November elections, partly driven by optimism about such a stockpile. The token’s value has more than doubled in 2024.

Sources cautioned that the executive order, which might be released as soon as Monday, is still in development and could be modified before its public announcement. A spokesperson for Trump did not respond immediately for comment.

Trump has committed to signing a series of executive orders across various industries and issues during his initial days back in office.

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“I believe Donald Trump will convey that the United States is back and prepared to lead in this sector,” remarked Kara Calvert, vice president for US policy at Coinbase Global Inc., the nation’s largest cryptocurrency exchange. “This sends a message to other countries: be cautious, or you won’t keep up.”

Read: Bitcoin approaches $100 000 as congress set to certify Trump win

Despite encountering regulatory hurdles under Biden, the cryptocurrency sector in the US continues to expand, with major financial firms, including the world’s largest asset manager, BlackRock, having launched spot Bitcoin and Ether exchange-traded funds last year. BNY has been working to enhance its crypto custody services, and Cantor Fitzgerald has announced plans to initiate a Bitcoin financing venture.

Trump has actively championed the cryptocurrency industry throughout his presidential campaign last year. In July, he was a prominent speaker at a Bitcoin conference, where he vowed to position the US as the global crypto capital. Trump-branded non-fungible token collections have been rolled out over the past few years, and last year he and his sons introduced a crypto initiative called World Liberty Financial, aimed at allowing individuals to earn and borrow cryptocurrency, although it has yet to deliver on those services.

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