Donald Trump Prepares Pro-Crypto Policy In Presidential First Days

JAKARTA US President-elect Donald Trump plans to use his executive powers to reduce the regulatory burden on crypto companies and encourage the adoption of digital assets in the early days of his term. This step was revealed by three sources familiar with the plan.

Trump, who during the campaign called himself the "crypto president," is expected to sign an executive order to form a crypto advisory board, an idea he first launched in July 2024. According to two sources, the board can have up to 20 members and is tasked with providing advice to the government regarding crypto-friendly policies.

One of the policies considered is directing the Securities and Exchange Commission (SEC) to revoke accounting guidelines for 2022 known as "SAB 121." This guide is considered to make companies, especially banks, difficult and expensive to hold cryptocurrencies for third parties.

In addition, Trump plans to end what is referred to as "Operation Choke Point 2.0," a term crypto executive uses to describe alleged attempts by banking regulators that prevent crypto companies from accessing traditional financial systems. Bank regulators themselves deny the existence of such operations.

Sources say that this executive order aims to send a strong signal that the Trump administration supports the widespread adoption of digital assets.

Trump's move is in stark contrast to President Joe Biden's administration, which is implementing strict surveillance of crypto companies with the aim of protecting the public from fraud and money laundering. Under Biden, regulators filed lawsuits against various crypto exchanges such as Coinbase, Binance, and Kraken.

However, criticism of the crypto industry remains, especially after the fall of several major figures such as Sam Bankman-Fried who were sentenced to 25 years in prison for fraud, and Binance founder Changpeng Zhao, who was jailed for a money laundering offense.

If this policy is successfully implemented by relevant regulators, many experts believe that this move will encourage cryptocurrencies to become more mainstream. Trump also received financial support from a number of crypto advocates and has included some of them in his cabinet.

In addition to crypto regulations, Trump also plans to issue a number of other executive orders in the fields of energy, illegal immigration, and various other important issues at the beginning of his second term.

This pro-crypto approach affirms Trump's commitment to supporting technological innovation while attracting investors and supporters from the digital asset sector.