WASHINGTON, Jan 17, 2025 — Sources familiar with the plans say that President-elect Donald Trump is preparing to sign a number of executive orders aimed at easing regulations on cryptocurrency firms and promoting the integration of digital assets.

The executive orders are slated for signature in the initial days of his administration.

Formation of a Cryptocurrency Advisory Council
One of the expected initiatives is an order to create a cryptocurrency advisory council, a proposal Trump introduced in July 2024. This council, which may consist of up to 20 members, would advise the government on developing policies to create a more supportive setting for the digital asset sector.

Bloomberg News was the first to report this development on Thursday.

Revisions to SEC Guidelines and Banking Practices
The Trump administration is also contemplating directing the Securities and Exchange Commission (SEC) to withdraw the 2022 accounting guideline known as SAB 121.

This guideline has been criticized by industry stakeholders for making it excessively costly for certain companies, especially banks, to hold cryptocurrencies for third parties.

Another executive order is expected to address what cryptocurrency executives call 'Operation Choke Point 2.0,' an alleged effort by banking regulators to prevent financial institutions from offering services to crypto-related businesses. Regulators have denied any such campaign exists.

Wider Implications for the Cryptocurrency Sector
The expected actions signify a notable policy change from the Biden administration's more stringent approach to cryptocurrency regulation.

During Biden's term, regulators heightened their scrutiny of the sector, taking legal action against major exchanges like Coinbase, Binance, and Kraken to tackle issues of fraud, money laundering, and consumer protection.

The crypto industry has been mired in several notable controversies, including the fraud conviction of Sam Bankman-Fried, founder of the now-defunct FTX exchange, and the incarceration of Binance founder Changpeng Zhao for money laundering.

Critics assert that these events underscore inherent risks within the sector, while supporters argue for regulatory clarity to support legitimate ventures.

Political and Economic Context
Trump's pro-crypto agenda is in line with his broader campaign promises to champion innovation and entrepreneurship in emerging technologies.

His upcoming administration has stated that regulating cryptocurrency is a priority among several immediate focus areas, alongside energy production and immigration reform.

Numerous crypto proponents are reportedly among Trump’s financial supporters and potential cabinet members.

Industry and Regulatory Responses
While the SEC and Trump representatives have not immediately commented on the plans, industry experts believe the proposed measures could hasten the mainstream acceptance of cryptocurrencies if they are effectively implemented.

However, it is still uncertain whether these actions will be issued through a single executive order or multiple directives.

Cryptocurrency remains a controversial topic in U.S. financial policy, with discussions centered on balancing innovation with the protection of investors and the broader financial system.

Trump's proposed strategy could shape the future of digital assets in the U.S., signaling a possible shift in the global regulatory framework.