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Sujha Sundararajan
Author
Sujha Sundararajan
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US President-elect Donald Trump reportedly plans to issue an executive order promoting cryptos as a national policy priority. He is also considering the creation of a federal stockpile of Bitcoin, sources close to the matter told Bloomberg.
Sources noted that the order would elevate cryptos as a national imperative from the first day of Trump’s tenure. This would give industry insiders a voice within Trump’s administration.
Further, the order intends to create a crypto advisory council to support crypto policy priorities.
Early this month, Trump’s administration noted that it is still searching to appoint around 24 CEOs and founders to his proposed crypto advisory council. In December, Trump appointed Bo Hines, a former congressional candidate from North Carolina, to head the newly established Crypto Council.
There are discussions that a directive for all government agencies to review crypto policies might be included in the order. Additionally, the order would prioritize halting legal actions against crypto companies, such as Binance.
The executive order is expected to arrive as soon as Monday. However, sources noted that it is not final and could change before it is made public.
Trump’s Bitcoin Stockpile Plan
During the Bitcoin 2024 Nashville conference in July 2024, Trump stressed hanging on to the country’s bitcoin holdings would create “a permanent national asset to benefit all Americans.”
Per crypto tracking firm Arkham Intelligence, the US already owns $20 billion worth of Bitcoin obtained through legal seizures. Trump already expressed interest in halting the future sales of Bitcoins to create a “core” stockpile.
“For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,“ Trump said in July.
In the same week that Trump pledged to create a national stockpile, Wyoming Senator Cynthia Lummis unveiled a bill, the BITCOIN Act, calling the nation to buy one million Bitcoins over five years.
If a government Bitcoin stockpile is introduced, it could increase the price of the largest crypto. However, such a reserve also means fewer tokens for crypto investors to trade with, leaving them exposed if the government ever sold part of its reserves.
