President-elect Donald Trump could potentially sign off on crypto-friendly regulation via an executive order on his first day in office, according to a new report from the Washington Post.
According to a person “involved with the conversations,” Trump’s incoming crypto czar David Sacks and other insiders have been working with “crypto leaders” to create a legislative strategy that could end unfair treatment of the industry by banks and regulators.
According to the Washington Post, Trump could sign an executive order to address the issue of “debanking” – the political shutting down of crypto firms’ bank accounts – as well as repeal Staff Accounting Bulletin (SAB) 121, the government’s policy guideline that requires companies to list digital assets as liabilities on their balance sheets.
Says the unnamed source,
“The Trump team has made it very clear that this is a priority.”
In a statement to The Washington Post, Brian Hughes, a spokesperson for Trump’s transition team, says there has been an effort from the “bureaucratic swamp” of D.C. to stifle tech innovation with unnecessary regulation and taxes, something the new administration plans to end.
“With support from many entrepreneurs who are thrilled to turn the page on the past four years, President Trump and David Sacks will safeguard free speech online, steer us away from big tech censorship, and develop a legal framework so the crypto industry can thrive in the United States.”
Another person familiar with the plans told the Washington Post that various tech-friendly leaders will likely be “scattered all over the place” and appointed to different government agencies – including the White House, the Pentagon, the Department of Health and Human Services – to promote their agenda.
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