The cryptocurrency sector is urging President-elect Donald Trump to immediately implement a revamp of his promised crypto policies when he assumes office next month. They hope this will be initiated through executive orders aimed at mainstreaming digital currencies, as stated by industry leaders.

According to reports, Trump intends to issue a number of executive orders covering a range of topics from immigration to energy on his inauguration day, January 20.

During his campaign, Trump attracted attention from the crypto community by declaring himself a “crypto president.” The industry is eager for him to fulfill this commitment by issuing executive orders to stockpile bitcoin, provide better banking access for crypto firms, and establish a crypto advisory council, according to insider sources.

They anticipate that these executive actions will be pushed within Trump’s first 100 days in office, with some expecting at least one order on January 20, according to two sources knowledgeable about the situation.

“Given the tone of the campaign, it’s crucial that executive orders clearly lay out the administration’s priorities from day one and act as a guide,” commented Rebecca Rettig, chief legal and policy officer at Polygon Labs.

In contrast to President Joe Biden’s administration, which has tightened regulations around crypto due to concerns over crime and market instability, Trump has promised to take a different approach. His crypto policy team is already forming, highlighted by the recent announcements of a pro-crypto Securities and Exchange Commission chair, Paul Atkins, and a crypto czar, David Sacks.

“There has been a continuous effort by certain bureaucratic circles in Washington to hinder innovation but President Trump will honor his commitment to promote American leadership in crypto,” stated Brian Hughes, spokesperson for Trump’s transition team.

Bitcoin, which is currently the largest cryptocurrency, reached all-time highs exceeding $107,000 this month after Trump reaffirmed his previously revealed plan for a strategic bitcoin reserve, although it has since dipped below the $100,000 mark.

There are differing opinions regarding whether Trump could utilize executive authority to set up such a reserve, potentially through the Treasury Department, or if Congressional approval is necessary.

The Bitcoin Policy Institute has even drafted a potential executive order for Trump to implement a national bitcoin stockpile.

This order would classify bitcoin as a strategic reserve asset and would task the Treasury Secretary with allocating $21 billion over the course of a year to collect a national bitcoin reserve, according to a draft reviewed by Reuters.

Zack Shapiro, head of policy at the Bitcoin Policy Institute, believes the U.S. should proactively ensure it leads in bitcoin monetization, “instead of allowing the price to spike without the U.S. holding any reserves.” He refrained from commenting on whether the group had presented the draft to Trump’s team.

In addition, Trump stated in July that he would not allow traditional banks to “squeeze” crypto companies out of access to financial services. Some industry leaders anticipate that he may address this issue through an executive order. Crypto firms have long reported difficulties in obtaining banking services under regulatory pressures, though regulators assert that banks can lend to compliant crypto businesses.

Although an executive order encouraging bank regulators to adopt a more lenient approach towards crypto could signal intent and provide political backing, it is unlikely to compel immediate changes since federal banking regulators operate independently, executives have cautioned.

“They’re not going to alter their policies from day one,” remarked Jonah Krane, a partner at Klaros Group. “However, they will indicate what direction this administration wishes to pursue.”

Trump has voiced intentions to establish a crypto industry council, and his team is currently deliberating its structure and staffing. Previous administrations have successfully formed specialized councils through executive orders, industry executives noted.

More broadly, Trump could also attempt to respond to criticisms that existing regulations do not accommodate the crypto sector through an executive order that outlines key regulatory principles, similar to an order he issued in 2017 for reviewing banking regulations.

“It wouldn’t be surprising if we see an executive order early on that directs agencies to reassess their current rules regarding crypto,” Krane added.