President Trump Could Issue Crypto Executive Orders on Day One: Washington Post
Highlights:
- Trump’s executive orders may address crypto issues like “de-banking” and SAB 121.
- The crypto industry opposes SAB 121, which mandates listing crypto holdings as liabilities.
- The crypto market rebounded strongly after the news, with Bitcoin rising to $96,800.
On January 13, the Washington Post reported, citing a source familiar with the discussions, that Donald Trump plans to sign executive orders on his first day in office. These orders may address “de-banking” and Staff Accounting Bulletin 121, also known as SAB 121.
JUST IN: 🇺🇸 Donald Trump is expected to issue executive orders on the first day of his presidency regarding #Bitcoin and crypto — The Washington Post pic.twitter.com/6E8Y5ICB9d
— Bitcoin Magazine (@BitcoinMagazine) January 13, 2025
The crypto industry has expressed concerns about SAB 121, a bulletin that mandates firms holding cryptocurrencies to list their customers’ crypto holdings as liabilities on their balance sheets. The Securities and Exchange Commission introduced this policy through SAB 121 in March 2022.
Last year, lawmakers tried to repeal the guidance. Despite bipartisan support in Congress, President Joe Biden rejected the repeal. Trump’s incoming administration is expected to address the issue right away.
Some crypto industry members say the Biden administration is blocking crypto banking access. Federal agencies, however, have denied these claims. In the Risk Review report last year, the Federal Deposit Insurance Corporation (FDIC) stated that it, along with other agencies, “continue to emphasize that banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type.”
Trump’s inauguration is just one week away, and his presidency is anticipated to be more crypto-friendly. He has selected Paul Atkins, a former regulator with a crypto-friendly stance, to head the SEC. Additionally, Trump has named former PayPal COO David Sacks as the new “White House A.I. and Crypto Czar.”
Trump’s Orders Could Boost Crypto Banking Access
Further reports indicate that Trump’s executive orders could improve banking access for crypto businesses. These orders are expected to address what industry leaders call “de-banking” practices.
FDIC Vice Chair Travis Hill has recently criticized previous banking restrictions on crypto firms and called for more transparent guidelines to support the industry. Meanwhile, Trump’s team reportedly plans to restructure the FDIC and merge banking regulators to enhance efficiency. Moreover, Trump’s Strategic Bitcoin Reserve plan involves the U.S. government buying Bitcoin.
VC Marc Andreessen, known for supporting tech and crypto companies, has been helping shape Trump’s incoming administration. Since Trump’s election, Andreessen has visited Mar-a-Lago in Florida to recruit and vet candidates for key positions. Ark Invest CEO Cathie Wood and investors from 1789 Capital also attended the event. Andreessen’s influence spans tech, defense, and intelligence roles.
Crypto Market Rebounds After News Breaks
After the news broke, the crypto market rebounded strongly following earlier dips. Bitcoin had fallen to $89,000, its lowest point in two months. However, by the time of reporting, BTC had risen back to $96,890. Ethereum also mirrored this trend, bouncing back from a dip below $3,000 to $3,200. AAVE, an altcoin connected to Trump-backed World Liberty Financial (WLFI), experienced a 5% surge within an hour.
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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