President-elect Donald Trump is set to issue an executive order to declare cryptocurrency as a national priority and incorporate industry experts into his administration, according to a Thursday report.
What happened: The strategic language was used to encourage government agencies to engage with the expanding industry, whose most valuable asset, Bitcoin (CRYPTO: BTC), surpassed a $2 trillion valuation in recent days, Bloomberg reported, citing people familiar with the plans.
Among the proposals being considered for inclusion in the executive order is a directive to all federal agencies to reassess their policies regarding digital assets and potentially halt any ongoing litigation related to cryptocurrency.
Another idea under consideration is the establishment of a national Bitcoin reserve that would include the government’s current Bitcoin holdings. This was one of Trump's biggest election promises to gain support from cryptocurrency enthusiasts.
However, the executive order was not final and could undergo further changes before it's made public, Bloomberg said.
A Trump spokesperson didn't immediately return Benzinga's request for comment.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Why It Matters: As Trump’s inauguration day approaches, speculation regarding his cryptocurrency pronouncements has grown.
Recent reports have suggested a pro-cryptocurrency policy shift from the new administration. David Sacks, Trump’s AI and crypto czar, reportedly collaborated with industry leaders to develop a legislative agenda.
Additionally, Trump was expected to address controversial laws like SAB 121, which limits banks' ability to offer custody services for digital assets.
Price Action: At the time of writing, Bitcoin was exchanging hands at 100,088.53, up 7.94 % in the last week and more than 45% since Trump’s election win in November, according to data from Benzinga Pro.
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