President-elect Donald Trump is poised to make a significant move in favor of crypto-friendly regulation on his first day in office, as reported by the Washington Post. It is suggested that Trump’s incoming crypto advisor, David Sacks, along with other insiders, have been collaborating with key figures in the crypto industry to devise a legislative strategy that will address the unfair treatment faced by crypto firms from banks and regulators.
One potential course of action that Trump may take is the signing of an executive order to tackle the issue of “debanking,” which refers to the practice of banks shutting down the accounts of crypto companies. Additionally, there is talk of repealing Staff Accounting Bulletin (SAB) 121, a government policy that requires companies to classify digital assets as liabilities on their financial statements.
An unnamed source involved in the discussions emphasized the importance of this initiative, stating that “The Trump team has made it very clear that this is a priority.” Brian Hughes, a spokesperson for Trump’s transition team, highlighted the administration’s commitment to removing unnecessary regulations and taxes that hinder tech innovation. He also mentioned plans to protect free speech online, combat big tech censorship, and establish a legal framework that fosters growth in the crypto industry within the United States.
Furthermore, insiders revealed that tech-friendly leaders are likely to be appointed to key positions across various government agencies, such as the White House, the Pentagon, and the Department of Health and Human Services, to advance their agenda.
In conclusion, Trump’s potential executive order on crypto-friendly regulation signals a significant shift in the government’s approach to the industry. By working closely with crypto leaders and advocating for fair treatment and regulatory clarity, the new administration aims to create an environment where the crypto industry can thrive and contribute to technological innovation in the United States.