(Bloomberg) -- As inauguration day approaches, members of the crypto industry are eagerly anticipating a slew of digital asset friendly executive actions at the dawn of a second Trump Administration.
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Potentially at the top of the wish list would be an executive order prompting the regulatory agencies, including the Commodity Futures Trading Commission and the Securities and Exchange Commission to collaborate on building a framework for digital asset policy. While decisions about how cryptoassets are classified will ultimately be up to Congress, an executive order could spur the agencies to produce research pushing the issue forward. The largest US firms in the sector, from Coinbase Global Inc. to Ripple Labs, have long advocated for clear regulatory guidelines just for digital assets.
President-elect Donald Trump is staffing his ranks of regulatory leaders with pro-industry picks including former SEC Commissioner Paul Atkins for chair of the main securities industry regulator and Scott Bessent as Treasury Secretary. He’s also introduced a new role: artificial intelligence and crypto Czar, a seat to be helmed by David Sachs, general partner of venture firm Craft Venture and a co-founder of PayPal Holdings Inc.
“Those people are ultimately going to make the policy,” said Ari Redbord, global head of policy and government at blockchain intelligence company TRM Labs. “They understand that you need to thread the needle as a regulator between enabling lawful users privacy within an open financial system, but at the same time stopping bad actors and ensuring consumer protection.”
Increased clarity would dovetail with a push by the crypto industry to gain wider access to banking services. Under the Biden Administration, regulators put out statements warning of the risks that come with banking digital asset companies. The shutdowns of crypto friendly banks Signature and Silvergate in 2023 reinvigorated concern about banks being pressured to not deal with crypto companies.
“A level regulatory playing field between the banking and crypto sectors as well as clear rules for permissible crypto-related products and services will support a more secure environment for consumers and the financial system,” Rebeca Romero Rainey, president of the Independent Community Bankers of America, said in a statement Friday.