Donald Trump to Issue Crypto Executive Order on Day One Back in Office

The fever-pitch dream of crypto investors seems to come true: Donald Trump might just stick to his promises and deliver on crypto on day one. According to a report in the Washington Post, Trump plans to issue executive orders related to crypto on his inauguration day.

Crypto Policy a Trump Priority, Says Source

The orders are said to focus on digital assets but also blockchain and artificial intelligence.

Related: Two More US States Eye Bitcoin Reserves, While Kenya Ramps Up Efforts to Legalise Cryptocurrencies

According to the report, Marc Andreessen – a prominent figure in the venture capital community – is actively shaping the incoming Trump administration, recruiting candidates across tech, defence and intelligence sectors, and advancing the “Little Tech” agenda.

The strategy shift reflects a change in Silicon Valley’s stance towards government engagement, prompted by frustration with the previous administration’s tech regulations.

Andreessen’s efforts are focused on rolling back Biden-era AI and crypto policies, viewing them as restrictive for smaller tech firms. With several key appointments linked to Andreessen and his peers, the new administration is set to significantly influence US technology and crypto policy.

An industry insider told the Post that rolling back some of the issues around de-banking and crypto accounting policies is key.

Trump Treasury Pick Scott Bessent Heavy on BTC

Meanwhile, another Trump ally made headlines. Billionaire hedge fund manager Scott Bessent, who is also Trump’s pick for Treasury Secretary, is said to soon divest a number of assets ahead of starting his new role.

In accordance with federal ethics guidelines, nominees must sell off assets like securities and bonds within 90 days of Senate confirmation.

According to a recent filing, Bessent holds up to half a million USD in the iShares Bitcoin Trust ETF (IBIT); though exact figures are not known due to reporting requirements.

Bessent also holds US Treasury bills, commodities like gold and silver, luxury real estate, including on the Bahamas, as well as art and antiques and major ETFs such as the SPDR S&P 500 Trust (SPY) – all together worth around US$700 million (AU$1.1 billion). 

Apart from selling some assets as required under the federal rules, the billionaire is also stepping down from Key Square Group, a Connecticut-based hedge fund founded by Bessent.

Related: Meta Shareholder Advocates for Allocating Dollar Reserves to Bitcoin

It’s not entirely clear which assets will be sold though, and if the IBIT fund is one of them. An initial Bloomberg report seemed to suggest this was the case, but Mathew Sigel, head of research at VanEck wasn’t so sure.

I’m not so sure why Bloomberg says he will be selling the Bitcoin ETF. For other assets, the divestment is footnoted, but not IBIT.

Matthew Sigel