Nikolas Sargeant
Bitcoin has surged back to $94,000 following reports that Donald Trump is preparing to sign pro-crypto executive orders on his first day in office. According to the Washington Post reports, these executive orders are expected to address major challenges faced by the cryptocurrency industry, including overturning the SEC’s Staff Accounting Bulletin 121 (SAB 121), which has made crypto custody more expensive for banks.
Trump’s incoming administration is also said to be planning to introduce policies that could ease banking restrictions for crypto businesses and restructure the FDIC to improve efficiency. As news of the potential regulatory overhaul spreads, the broader crypto market has seen significant gains, with Bitcoin climbing from a low of $89,000 to its current price. Ethereum, AAVE, and other altcoins are also showing strong recoveries, signaling a positive shift in market sentiment.
Trump’s Incoming Pro-Crypto Agenda
The reports on Trump’s first-day plans come as the crypto market is undergoing a major recovery. The anticipated executive orders are expected to tackle key regulatory hurdles such as the controversial SAB 121, which has been a focal point of industry criticism. The SEC’s current policy makes holding crypto assets more costly for banks, limiting their willingness to offer services like crypto custody.
Trump’s team is reportedly eyeing a broader regulatory overhaul, which could improve crypto banking access, reduce the “de-banking” practices, and bring more stability to the sector. Additionally, Trump’s crypto-friendly appointments, such as Stephen Miran as Chief Economic Adviser and former SEC regulator Paul Atkins at the helm of the SEC, suggest that the administration is eager to create a more favorable regulatory environment for digital assets. Major crypto firms have already been contributing to Trump’s inauguration events, anticipating close discussions on the future of U.S. crypto policy.
