One week countdown to Trump's inauguration! He will sign multiple executive orders on his first day in office. Which ones are related to Crypto Assets?

President-elect Donald Trump will be inaugurated on January 20th. According to The Washington Post, Trump plans to sign several executive orders related to cryptocurrency on his first day in office, including potentially abolishing the controversial Staff Accounting Bulletin No. 121 (also known as SAB 121), which is issued by the U.S. Securities and Exchange Commission (SEC) and pertains to cryptocurrency.

Reports indicate that the Trump team is collaborating with 'encryption czar' David Sacks to develop a 'legislative strategy' for Cryptocurrency policy. In addition, Trump's executive order may also cover the issue of 'de-banking' and the repeal of SAB 121.

Trump will be officially inaugurated in a week, and his policy shift is seen as a potential major boost for the American cryptocurrency industry. He has nominated cryptocurrency advocate Paul Atkins as SEC chairman and appointed former PayPal COO David Sacks as 'White House AI and encryption czar'.

The cryptocurrency industry has long been dissatisfied with SAB 121. The announcement requires companies that custody encryption assets to list customers' encryption assets as company liabilities, which puts significant pressure on the financial structure of the enterprise.

Last year, Congress attempted to abolish SAB 121. The House of Representatives passed the relevant bill by 228 votes to 182, with supporters mainly from the Republican Party and 21 Democratic Party members joining the in favor camp. The Senate then passed it by 60 votes to 38. However, this bill was ultimately vetoed by the current President Biden using his veto power.

Earlier, Reuters reported that the cryptocurrency industry is hoping the new government will issue an executive order to promote the establishment of a 'Bitcoin national reserve' and ensure that cryptocurrency companies can access banking services.

The Washington Post further pointed out that Trump's first-day executive orders may be aimed at these issues, especially to address the 'service barriers' that banks pose to Crypto Assets operators.

In the past, the Biden administration has been repeatedly accused of preventing Crypto Asset companies from accessing banking services, but the Federal Deposit Insurance Corporation (FDIC) and other institutions have repeatedly emphasized that they have never prohibited financial institutions from serving Crypto Asset operators.

In the 2024 Risk Assessment Report, the FDIC clearly stated, 'Banking institutions are not prohibited or restricted from providing services to any specific category of customers.'

<Trump's inauguration countdown! On his first day in office, he will sign multiple executive orders. Which ones are related to Crypto Assets? This article was first published in Blocktempo.>