President Donald Trump is gearing up to issue a significant directive aimed at prioritizing cryptocurrency regulation across the nation. As reported by Bloomberg, this new regulatory framework seeks to bolster cooperation between the government and the crypto industry.
What Will the Cryptocurrency Advisory Council Do?
The directive will facilitate the creation of a “Cryptocurrency Advisory Council,” composed of influential figures from the cryptocurrency sector. Industry representatives will play a crucial role in selecting council members, as noted by Ron Hammond from the Blockchain Association.
What Other Changes Are Coming in Cryptocurrency Regulation?
In addition to forming this council, Trump’s regulatory agenda includes the repeal of the SEC’s SAB 121 directive regarding cryptocurrency accounting, which has been criticized. This repeal is anticipated to promote greater transparency within the industry.
Furthermore, Trump advocates for establishing a “strategic reserve” focused on cryptocurrencies developed in the U.S. Reports indicate that this reserve may encompass American cryptocurrencies such as USDC, SOL, and XRP, all part of an effort to position the U.S. as a frontrunner in the crypto landscape.
- Establishment of a Cryptocurrency Advisory Council to enhance industry collaboration.
- Repeal of the SEC SAB 121 directive for improved transparency.
- Creation of a strategic reserve for U.S.-based cryptocurrencies.
- State-level proposals for Bitcoin reserves following Trump’s election.
As Trump’s presidency gets underway, various cryptocurrency organizations are set to organize events aimed at strengthening ties between the administration and the digital currency sector. Notably, BTC Inc. and Stand With Crypto are hosting a “Crypto Ball” in Washington, D.C., highlighting the administration’s proactive approach towards the cryptocurrency realm.
