Trump's Crypto-Friendly Executive Orders Aim to Boost Digital Asset Adoption

President-elect Donald Trump plans to ease regulations on cryptocurrency firms to promote adoption. He's considering an executive order to form a crypto advisory council and to rescind certain SEC guidelines, aiming to integrate cryptocurrencies into the mainstream financial system.

President-elect Donald Trump is set to wield his executive authority to lighten the regulatory load on cryptocurrency companies, paving the way for greater digital asset adoption as he steps into office, according to sources familiar with the matter.

Emphasizing his intent to be a "crypto president," Trump is reportedly preparing to sign an executive order to establish a crypto advisory council, an idea he introduced in July. This council could comprise up to 20 members, tasked with advising the government on creating a crypto-friendly regulatory environment.

In conjunction with this, discussions have focused on directing the SEC to roll back 2022 accounting guidelines that hinder banks from holding cryptocurrencies for third parties. Such policy shifts may significantly advance cryptocurrencies into mainstream usage, countering actions taken by President Biden's administration, which took a more restrictive stance.

(With inputs from agencies.)