WASHINGTON, Jan 17, 2025 — President-elect Donald Trump is preparing to issue a series of executive orders designed to alleviate regulatory pressures on cryptocurrency companies and promote the use of digital assets, as reported by informed sources.

The orders are anticipated to be signed in the initial days of his administration.

Formation of a Crypto Advisory Council
Among the expected actions is an executive order to create a cryptocurrency advisory council, an initiative Trump first suggested in July 2024. The council could consist of up to 20 members and would advise the government on policies to create a more supportive environment for the digital asset industry.

Bloomberg News broke the story on Thursday.

Revisions to SEC Guidelines and Banking Regulations
Trump's administration is also considering directing the Securities and Exchange Commission (SEC) to revoke the 2022 accounting guidance referred to as SAB 121.

This guidance has been criticized by industry representatives for making it excessively costly for certain companies, particularly banks, to hold cryptocurrencies for third parties.

Another executive order is expected to address what cryptocurrency leaders have termed 'Operation Choke Point 2.0,' an alleged effort by banking regulators to deter banks from offering services to crypto-related businesses.

Regulators have denied the existence of this campaign.

Broader Cryptocurrency Industry Implications
These anticipated actions signify a notable shift from the Biden administration’s more stringent approach to cryptocurrency regulation.

During Biden's presidency, regulators intensified their scrutiny of the sector, initiating legal action against major exchanges like Coinbase, Binance, and Kraken over issues related to fraud, money laundering, and consumer protection.

The crypto industry has been embroiled in several high-profile controversies, including the fraud conviction of Sam Bankman-Fried, founder of the now-defunct FTX exchange, and the imprisonment of Binance founder Changpeng Zhao for money laundering violations.

Critics argue these incidents underscore inherent risks in the sector, while supporters call for regulatory clarity to bolster legitimate businesses.

Political and Economic Context
Trump's pro-crypto stance aligns with his broader campaign goals, which include pledges to promote innovation and entrepreneurship in emerging technologies.

His upcoming administration has stressed that cryptocurrency regulation is one of several immediate priorities, along with energy production and immigration reform.

Several crypto supporters are reportedly among Trump’s financial backers and potential cabinet members.

Industry and Regulatory Perspectives
While the SEC and Trump representatives have not immediately commented on the plans, industry experts suggest the proposed measures could speed up the mainstream adoption of cryptocurrencies if successfully executed.

However, it remains uncertain whether these initiatives will be implemented through a single executive order or multiple directives.

Cryptocurrency continues to be a contentious issue in U.S. financial policy, with debates focusing on balancing innovation with protecting investors and the financial system at large.

Trump's proposed strategy could shape the future of digital assets in the U.S., indicating a potential shift in the global regulatory landscape.