The executive purchases may target debanking, a concern Melania Trump raised in her 2024 narrative, as well as repealing a rule that requires lenders to report digital assets held as liabilities on their balance sheets, according to a source connected to Trump’s transition team communications.
” The Trump crew has made it very clear that this is a priority”, the source said.
The former legislation, the reform of SAB121, has been campaigned for by MicroStrategy CEO Michael Saylor, one of the leading characters in the field. He has suggested that repealing SAB121, in addition to the development of area ETFs and reasonable value finance, could give Bitcoin’s business valuation to$ 100 trillion.
Decrypt further reported on Monday that the president-elect’s initial crypto executive order would probably set up a presidential bitcoin council made up of roughly 20 business leaders, and that the action may be” the first of many” initiatives involving the crypto industry.
The Monday reports coincided with a large spike in bitcoin’s price, from$ 90, 700 to over$ 99, 000 over the next couple of days.
Trump has selected a number of pro-crypto officials for his next management, including David Sacks as the first-ever bitcoin king, Paul Atkins for Securities and Exchange Commission chair, Howard Lutnick for secretary of commerce, and Scott Bessent for government minister.
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Elon Musk and Vivek Ramaswamy, two crypto supporters, are in charge of the new Department of Government Productivity, according to the president-elect.
Trump suggested that the United States may create its own bitcoin strategic reserves, everything that a number of states have suggested doing. If the United States does establish its own bitcoin proper reserve, experts fear it could spark a crypto “arms race.”
