Trump’s first-day executive orders aim to dismantle Biden’s crypto policies, including SAB 121. Learn how this shift may redefine U.S. cryptocurrency regulation.
The Trump administration reportedly plans to issue executive orders on its first day in office to dismantle Biden-era cryptocurrency regulations, signaling a shift in U.S. crypto policy.
Key Crypto Regulations in Crosshairs
According to a report from The Washington Post, the administration’s top priority is repealing the controversial Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121. This policy mandates banks to classify digital assets as liabilities, a rule crypto advocates argue stifles innovation and discourages broader adoption.
Sources cited by The Washington Post indicated that Trump’s executive orders may also address concerns over “de-banking,” a practice alleged to have made financial services inaccessible to crypto businesses under the Biden administration.
Emerging Frameworks for Trump’s Crypto Policy
David Sacks, Trump’s advisor and the newly appointed AI and crypto czar, has hinted at plans for a “sensible” regulatory framework aimed at reducing federal intervention while fostering innovation. Sacks emphasized that enabling traditional financial institutions to offer custodial services for digital assets like bitcoin could stabilize the market and enhance its legitimacy.
Building Alliances in the Tech Sector
The administration has been engaging with venture capitalists, blockchain entrepreneurs, and other key players in the tech industry. This marks a sharp pivot from Trump’s earlier stance on cryptocurrencies, which he criticized during his first term. The announcement of a “Crypto Ball” further underscores the administration’s focus on establishing the U.S. as a leader in blockchain innovation.
Reactions to Biden’s Crypto Policies
Critics of the Biden administration’s crypto policies argue that stricter scrutiny forced businesses to relocate overseas and stifled innovation. The Trump administration’s proposed agenda seeks to reverse this trend, aiming for a transformative impact on the industry.
Stay updated on the latest developments in U.S. cryptocurrency regulation as Trump’s administration takes shape.
