President-elect Donald Trump is poised to issue a crypto-related executive order within the opening hours of his second term, sources familiar with the matter told Decrypt—and it’s likely just the first of many to come.

Trump’s first crypto executive order is expected to establish a presidential crypto council, made up of around 20 industry leaders—likely all founders and CEOs, one source said. The order is also likely to instruct the SEC to ditch a rule known as SAB 121 that discourages American banks from holding crypto, two sources said. Congress passed a repeal of SAB 121 last spring, but President Joe Biden vetoed the legislation, leaving the rule in place. 

It appears, however, that any first-day executive order—first reported earlier today by The Washington Post—may be just the start. Trump’s transition team floated a draft of a much more comprehensive crypto executive order in the weeks following November’s presidential election, sources told Decrypt. So while Trump may be poised to issue a targeted crypto-related executive order on day one, it’s likely that others that address more complex issues will be signed in the following days and weeks of his administration.

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Author: Sander Lutz