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Trump Prepared to Implement Government Directives on Professional Cryptocurrency, Alongside National Bitcoin Reserves: Report
US President-elect Donald Trump is reportedly preparing to issue an executive order prioritizing cryptocurrencies as a national policy focus. He is also considering the establishment of a federal reserve of Bitcoin, according to sources familiar with the situation who spoke to Bloomberg.
Sources indicated that the order would elevate cryptocurrencies to a national priority from the very first day of Trump’s administration. This move could provide industry stakeholders with a platform within Trump’s government.
Furthermore, the order aims to establish a crypto advisory council to assist with cryptocurrency policy initiatives.
Earlier this month, Trump’s administration mentioned that it is still in the process of selecting approximately 24 CEOs and founders for the proposed crypto advisory council. In December, Trump appointed Bo Hines, a former congressional candidate from North Carolina, to lead the newly formed Crypto Council.
There are discussions that the order may include a directive for all government agencies to evaluate cryptocurrency policies. Additionally, the order would prioritize the cessation of legal actions against cryptocurrency companies, such as Binance.
The executive order is expected to be released as early as Monday. However, sources noted that it is not finalized and may undergo changes before being made public.
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Trump’s Bitcoin Stockpile Plan
During the Bitcoin 2024 Nashville conference in July 2024, Trump emphasized that maintaining the nation’s Bitcoin holdings would establish “a permanent national asset to benefit all Americans.”
According to crypto tracking firm Arkham Intelligence, the US currently possesses $20 billion worth of Bitcoin acquired through legal seizures. Trump has already shown interest in halting future sales of Bitcoins to create a “core” reserve.
“For too long, our government has violated the fundamental rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump stated in July.
In the same week that Trump committed to establishing a national stockpile, Wyoming Senator Cynthia Lummis introduced a bill, the BITCOIN Act, urging the nation to purchase one million Bitcoins over a five-year period.
If a government Bitcoin stockpile is initiated, it could potentially drive up the price of the leading cryptocurrency. However, such a reserve would also mean fewer tokens available for crypto investors to trade, leaving them vulnerable if the government ever decided to sell part of its reserves.
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