Why does Donald Trump plan to name crypto?

US President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority in a move that could have far-reaching implications for the cryptocurrency industry.

According to people familiar with the plans, Trump is also giving industry insiders a voice within his administration.

The order is expected to name crypto as a national priority.

People who requested anonymity to discuss an executive order said it is also slated to create a crypto advisory council to advocate for the industry’s policy priorities.

Citing people aware of the development, a Bloomberg report said the upcoming President Donald Trump has plans to release an executive order naming crypto as a policy priority. It is also guiding government agencies to work with the crypto industry.

As there are plans to make cryptocurrency a national priority, the crypto community in the US expects a policy reversal to legitimise the industry under Trump’s Presidency.

Trump has loved strong support from the crypto industry. It has a powerful presence in Washington.

Coinbase, Ripple and a slew of companies have donated to Trump’s inaugural committee in recent months.

The industry is supposed to host an “Inaugural Crypto Ball” in support of Trump days before the inauguration.

During President Joe Biden’s administration, crypto was the subject of investigations following a spate of high-profile fraud cases, including the bankruptcy of the FTX exchange.

Securities and Exchange Commission and other federal agencies filed over 100 enforcement actions against the sector in recent years, and banking regulators made it difficult for crypto companies to work with financial institutions.