On January 17, according to Bloomberg, cryptocurrency has been listed as a "priority" by Trump. According to people familiar with the matter, the strategic wording is intended to guide agencies in working with the industry. The executive order also plans to create a cryptocurrency advisory committee to advocate for the industry’s priorities, people familiar with the matter said.

Trump has received strong support from the cryptocurrency industry, which has strong influence in Washington and is backed by well-funded action committees. A number of companies, including Coinbase and Ripple, have donated to Trump's inaugural committee in recent months. On Friday, just days before the inauguration, the industry will host an "inaugural crypto ball" in support of Trump.

The executive order would mark a major shift for cryptocurrencies, which have been the subject of investigations during President Joe Biden’s administration following a A series of high-profile fraud cases, including the bankruptcy of the FTX exchange. Federal agencies, including the U.S. Securities and Exchange Commission, have filed more than 100 enforcement actions against the industry in recent years, and bank regulators have made it difficult for cryptocurrency companies to work with financial institutions.

People familiar with the matter said that discussions are still ongoing about whether to include a directive in the executive order that would require all agencies to review regulations related to digital assets and possibly suspend any regulations involving crypto. Currency Litigation. Halting legal proceedings against companies ranging from Binance Holdings Ltd to startup Ripple Labs Inc. is a top priority for the industry.

Informed sources said that it is also considering establishing a Bitcoin reserve that would include the world's largest cryptocurrency currently held. According to analytics firm Arkham, the United States currently holds nearly $20 billion worth of Bitcoin that has been confiscated in various investigations. Bitcoin has risen nearly 50% to over $100,000 since the November election, driven in part by hopes of building such a reserve. By 2024, the price of this Bitcoin will more than double.

People familiar with the matter warned that the executive order may be issued as early as Monday, but it is not final and may change before it is released. A spokesman for Trump did not immediately respond to a request for comment.

Trump vows to target a series of targets in his first days in officeIssued a series of executive orders targeting different industries and issues.

Kara Calvert, vice president for the United States at Coinbase Global Inc., said: "I think what Donald Trump has to do is make it clear America is back, and we're ready to take a leadership role in this industry: Watch out, or you won't be able to keep up."

Despite regulatory setbacks under the Biden administration, cryptocurrencies have continued to expand in the United States, with major financial firms including BlackRock Inc., the world's largest asset manager, launching spots on Bitcoin and Ethereum last year Exchange Traded Funds. The New York bank has been working to expand its cryptocurrency custody business, with Canter Fitzgerald announcing plans to launch a Bitcoin financing business.

Trump expressed support for the cryptocurrency industry during last year's presidential campaign. In July, he hosted a Bitcoin conference and pledged to make the United States the cryptocurrency capital of the world. Trump-branded bearer tokens have been launched for several years, and last year he and his sons announced the creation of a cryptocurrency company called "World Liberty Financial" designed to allow people to earn and borrow cryptocurrency, but These services are not yet available.