By Hannah Lang

(Reuters) – The cryptocurrency industry is urging President-elect Donald Trump’s team to initiate his promised crypto policy overhaul with executive orders upon taking office on January 20.

Trump intends to issue numerous executive orders covering a range of topics on his first day, as reported by Reuters.

During his campaign, Trump expressed support for cryptocurrency, vowing to be a "crypto president," and industry officials are hopeful he will fulfill that commitment by creating a bitcoin stockpile, ensuring banking access, and forming a crypto council.

They are advocating for these changes within Trump's initial 100 days, expecting at least one executive order to be announced on January 20.

Rebecca Rettig, chief legal and policy officer at Polygon Labs, emphasized the importance of establishing priorities for the administration's crypto policy from day one.

In contrast to President Joe Biden’s administration, which has taken a hard stance on crypto regulation, Trump plans to reverse those policies. His crypto policy team is developing, highlighted by crypto-friendly appointments such as SEC chair Paul Atkins.

Brian Hughes, a spokesperson for Trump’s transition team, asserted that Trump will encourage innovation in the crypto space. Bitcoin recently achieved record highs above $107,000, benefiting from Trump's renewed commitment to a strategic reserve, though it has since dipped below $100,000.

There’s debate among analysts regarding whether Trump can use executive powers to create a bitcoin reserve or if legislative action is necessary. The Bitcoin Policy Institute has even drafted a potential executive order to establish a national bitcoin stockpile, proposing an expenditure of $21 billion.

Shapiro from the Bitcoin Policy Institute emphasized the need for the U.S. to lead in bitcoin monetization to remain competitive internationally.

Trump has also voiced intentions to prevent banks from excluding crypto firms from traditional banking, addressing long-standing grievances from the crypto industry regarding banking access.

While an executive order could potentially guide regulators, its legal effectiveness is uncertain given regulators' independence.

Trump’s administration might also form a crypto industry council to streamline industry input, akin to measures taken by previous administrations.

Furthermore, Trump could address regulatory concerns by issuing executive orders that reassess existing crypto regulations, similar to his directive on banking rules in 2017.

"It's likely you'll see an executive order early on that directs a reassessment of regulations impacting the industry," Krane remarked.