President-elect Donald Trump may sign an executive order on his first day in office to regulate the cryptocurrency industry, according to a report by the Washington Post. This move could potentially end “debanking” – the practice of shutting down crypto firms’ bank accounts – and repeal Staff Accounting Bulletin (SAB) 121, which requires companies to list digital assets as liabilities on their balance sheets.
The Trump team has made creating a legislative strategy for the crypto industry a priority, with David Sacks, the incoming crypto czar, working closely with “crypto leaders” to develop a plan. This effort aims to address the unfair treatment of the industry by banks and regulators.
In a statement, Brian Hughes, a spokesperson for Trump’s transition team, said that the new administration plans to end unnecessary regulation and taxes, allowing the tech industry to innovate freely. Various tech-friendly leaders will be appointed to different government agencies to promote their agenda and safeguard free speech online.
The move has been welcomed by entrepreneurs who want to turn the page on the past four years of regulatory hurdles. The Trump team’s efforts could lead to a more favorable environment for the crypto industry in the United States, with potential benefits including increased investment and growth.
Source: https://dailyhodl.com/2025/01/14/president-elect-trump-expected-to-sign-pro-crypto-executive-order-on-first-day-of-presidency-report