Trump Plans Crypto Executive Order on Day One as President

US President-elect Donald Trump is reportedly preparing an executive order to prioritize cryptocurrency when he takes office on Jan. 20. The order may direct agencies to collaborate with the crypto industry, create a policy council, and review existing regulations.

Trump, who promised to make the US a “crypto capital,” is expected to address issues like crypto de-banking and encourage a government-held Bitcoin reserve. Discussions also include freezing crypto litigation and re-evaluating SEC cases lacking fraud claims.

Advocates propose holding Bitcoin as a hedge against inflation, with seized assets already worth $20.3 billion. A bill suggests the Treasury purchase 1 million BTC, costing $100 billion at current prices.

Treasury Secretary Nominee Scott Bessent Opposes US Central Bank Digital Currency

President-elect Donald Trump’s Treasury Secretary pick, Scott Bessent, stated during his Senate confirmation hearing that he sees “no reason” for the US to adopt a central bank digital currency (CBDC). He argued that CBDCs are more suited to countries lacking other investment alternatives.

While the Federal Reserve has researched CBDCs, Fed Chair Jerome Powell has said any decision would require congressional approval. Current Treasury Secretary Janet Yellen has promoted cautious research into CBDCs, but some Republican lawmakers strongly oppose them, citing concerns over transaction surveillance.

Bessent, a hedge fund manager and crypto advocate, has praised Trump’s pro-crypto stance. The Cedar Innovation Foundation, a crypto advocacy group, supported his nomination, highlighting his potential to shape a regulatory framework fostering innovation and US leadership in crypto.

Trump Reportedly Open to U.S. Crypto Reserve, XRP Surges Amid Speculation

A New York Post report claimed President-elect Donald Trump is “receptive” to including U.S.-based cryptocurrencies like XRP in a national crypto reserve, sparking a 10% surge in XRP’s price to a seven-year high of $3.40. Solana’s SOL also gained 5%.

Ripple CEO Brad Garlinghouse reportedly urged Trump to diversify the reserve beyond Bitcoin, though Ripple denied rumors that it planted the story. Some sources speculated the claims were exaggerated to boost XRP.

Trump’s stance on crypto remains unclear, but he recently criticized Ripple over past political donations, fueling further intrigue about his administration’s crypto policy. Meanwhile, the SEC filed an appeal in its case against Ripple, keeping the company in the spotlight.