Reuters: Trump Supports Cryptocurrency, Plans to Sign Related Orders Within Days of Taking Office | WPN World People News

Donald Trump, the U.S. President-elect, plans to sign several executive orders within the first few days of his presidency aimed at reducing regulatory burdens on cryptocurrency companies and promoting the adoption of digital assets.

According to Reuters, Trump is expected to issue an executive order establishing a cryptocurrency advisory committee to provide the government with crypto-friendly policy recommendations. Additionally, his team has discussed directing the U.S. Securities and Exchange Commission (SEC) to rescind the 2022 accounting guidance "SAB 121," which has increased costs for companies, particularly banks, holding cryptocurrencies for third parties. Trump also intends to end measures dubbed "Operation Choke Point 2.0," accused of sidelining cryptocurrency companies from the traditional financial system by instructing banks to deny services.

These measures starkly contrast with the strict regulatory approach taken by the Biden administration toward cryptocurrency companies. The Biden administration had previously filed lawsuits against major exchanges like Coinbase and Binance. If implemented, Trump's policies could accelerate cryptocurrency's entry into mainstream markets, aligning with his campaign promise to become a "crypto president."

Furthermore, according to Germany's Die Welt, Trump introduced his own cryptocurrency, "Trump Coins," shortly before taking office. These coins, classified as meme coins with symbolic rather than economic or transactional value, garnered a market capitalization of billions of dollars within hours. Despite initial skepticism, doubts dissipated after official endorsements. This move signifies Trump's transition from his initial negative stance on cryptocurrencies to active support.

With the backing of his three sons, Trump established a cryptocurrency and investment platform, "World Liberty Financial," in November. Tech billionaire Elon Musk has also provided support as a government advisor for this initiative.