According to sources familiar with the preparations, President-elect Donald Trump intends to issue an executive order elevating cryptocurrency as a policy priority and giving sector insiders a voice within his administration.
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According to persons familiar with the situation, the directive is anticipated to refer to cryptocurrency as a national imperative or priority, which is strategic language used to steer government institutions in their collaboration with the business. It is also planning to establish a crypto advisory board to advocate for the industry's policy goals, according to persons who asked anonymity to discuss an executive order that has not yet been released.
Trump has received considerable backing from the cryptocurrency business, which has a significant presence in Washington and is well-funded through political action committees. Several firms, including Coinbase and Ripple, have given to Trump's inauguration committee in recent months. On Friday, just days before the inauguration, the sector will organize a "Inaugural Crypto Ball" in favor of Trump.
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Despite regulatory setbacks under Biden, crypto in the US grew, with major financial institutions, including BlackRock Inc., the world's biggest asset management, establishing spot Bitcoin and Ether exchange-traded funds last year. BNY has been striving to extend its crypto custody efforts, and Cantor Fitzgerald has revealed ambitions to start a Bitcoin finance firm.
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