Trump’s Pro-Crypto Agenda: Advisory Council and CBDC Ban Incoming?

Shortly after becoming President of the United States, Republican leader Donald Trump, known for his strong support of cryptocurrencies, wasted no time in rolling back several controversial policies from his predecessor, Joe Biden.

One of his first moves was revoking an executive order focused on AI regulation, signaling his broader support for emerging technologies like Web3, blockchain, and cryptocurrencies.

What’s next? Keep reading to discover how these changes could affect the sector.

Creating a Cryptocurrency Advisory Council

Experts, including journalist Eleanor Terrett, believe Trump is preparing to announce major initiatives to support the cryptocurrency sector. One expected action is the creation of a Cryptocurrency Advisory Council through an executive order.

Sources familiar with the situation suggest that this council would serve as a key forum for bringing together policymakers and industry leaders. The goal would be to develop clear policies that support the growth of cryptocurrencies while addressing potential risks.

Banning CBDCs

Terrett also notes that Trump may issue an executive order banning the creation of a Central Bank Digital Currency (CBDC) in the U.S.

This would contrast with Biden’s 2022 executive order on digital assets, which explored the possibility of a U.S.-backed CBDC. Crypto enthusiasts argue that banning a CBDC would protect decentralized finance from centralized control and encourage innovation in the crypto space.

The Wait for Pro-Crypto Policies

Despite widespread expectations, the Trump administration has not yet announced any major pro-crypto policies. Many thought Trump would unveil bold crypto-related actions immediately after taking office, but it seems the timing of these announcements is still uncertain.

While optimistic about the eventual release of pro-crypto executive orders, Terrett admits it’s hard to predict exactly when they will arrive.

By supporting decentralized technologies and innovation, these policies could help the U.S. maintain its position as a global leader in blockchain and crypto development. We’ll have to wait and see how it all works out!