Donald Trump, the incoming president of the United States, could sign an executive order related to cryptocurrency as early as the first hours of his second term. This was reported on Jan. 13 by the Washington Post. Trump's first crypto-related executive order would create a presidential crypto council made up of about 20 industry leaders.

In addition, the order would direct the Securities and Exchange Commission (SEC) to abolish a rule called SAB 121, which prevents U.S. banks from owning cryptocurrencies. The current president, Joe Biden, vetoed the repeal of SAB 121 last year, which was approved by Congress, leaving the rule in place.

According to the American crypto-medium Decrypt further decisions may follow in the days and weeks after Trump takes office. Trump's transition team reportedly submitted a draft of a much more comprehensive crypto-executive order as early as November. Possible immediate reforms could include instructions directing the Commodity Futures Trading Commission (CFTC) and the SEC to set up a cryptocurrency working group. Trump could also instruct the SEC to take back a controversial exchange rule targeting DeFi projects.

Crypto companies' access to banking services could also be part of an executive order in the first weeks of Trump's term, according to the Washington Post. The crypto industry had accused the Biden administration of deliberately cutting off blockchain-related companies from the U.S. banking system, an action known as "Operation Choke Point 2.0."

A quick implementation of such measures by Trump would likely please the industry and boost confidence in his pro-crypto direction. Market observers such as Bitmex founder Arthur Hayes had predicted a slow start to Trump's crypto policies, with far-reaching implications for rates. However, a decision on a strategic Bitcoin reserve would be out of the question for now. Further details on this were not mentioned by the Washington Post.