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Donald Trump plans on making crypto a policy priority through an executive order, sources told Bloomberg this week.
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The order could direct government agencies to suspend litigation against crypto.
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A national bitcoin stockpile is also under discussion.
Donald Trump is set to sign an executive order making crypto a policy priority as soon as day one of his presidency, sources told Bloomberg.
The order is expected to highlight crypto as a national imperative, and include wording imploring those within the government to work closely with the industry, people familiar with the matter said. The order is also seen establishing a crypto advisory council to guide policy.
If the order includes these details, it would prompt transformation across the industry and potentially lead to an elimination of regulatory issues that have long loomed over the digital-asset space.
Trump campaigned on the idea of looser regulation and federal support for bitcoin, and the order presents some of the most detailed clues on how exactly he might work to achieve this.
The changes in the order could ultimately halt numerous investigations and cases that were initiated under the Biden administration. Crypto-industry insiders have lamented the Securities and Exchange Commission's heavy-handed approach to the space, which has regulated through enforcement.
The executive order could also prompt the creation of a national bitcoin stockpile, with discussions still ongoing.
Trump first noted the idea during a July speech, sparking bullish fervor among bitcoin holders that has yet to die out. If included, this guarantees that the US government never sells crypto holdings that were confiscated during federal investigations. Washington currently holds over $20 billion worth of bitcoin, according to data from the analytics firm Arkham.
Proponents argue that, by not selling, the stockpile offers the US a hedge against inflation, as long as bitcoin keeps appreciating. Some also consider bitcoin's rising value as a way to pay off the nation's mounting debt. These theories have underpinned more ambitious calls for a bitcoin reserve, in which the government rakes in more of the apex token.
Bitcoin's jumped following Bloomberg's report, with the currency back on route toward its all-time high. If risk appetite persists, FxPro chief market analyst Alex Kuptsikevich expects the token to break into the $108,000 to $110,000 range in a matter of days.
"Continued upward movement might trigger FOMO, potentially driving the price to $130K by the end of January," he wrote.