- Trump and his transition team have been engaging with crypto and tech industry leaders to shape policies ahead of his presidency.
- He held a private event at Mar-a-Lago, featuring prominent crypto industry figures like Cathie Wood, Omeed Malik, and David Sacks, focused on technology, innovation, and policy.
U.S. President-elect Donald Trump, along with his transition team, has been meeting with crypto leaders to shape a legislative approach ahead of his presidency. A source involved in the discussions said that Trump is likely to issue executive orders on his first day in office, soon after his inauguration ceremony on January 20, as per our recent analysis.
Donald Trump Likely To Pass Crypto Executive Order
These orders would help address some of the pressing concerns, including de-banking and the rescission of the controversial crypto accounting rules. For example, there is one that requires banks that have digital assets to classify them as liabilities on their balance sheets. Thus, the SAB 121 rule could be successfully revoked.
“The Trump team has made it very clear that this is a priority,” said the source, according to the Washington Post report. For further context, Trump’s upcoming executive order could enable banks and financial institutions to custody Bitcoin (BTC) and other cryptocurrencies for their clients. This potential move could overturn existing regulatory guidelines that dictate how financial institutions manage and account for digital assets.
Preparations for these moves were previewed at a private event held at Trump’s Mar-a-Lago residence shortly before Christmas. On December 20, tech investors convened for a luncheon titled “America First: The Future of Space, AI, and Tech.” The event, lasting three hours, featured discussions on technology, policy, and innovation.
Attendees, who were treated to a meal that included black cod with mushroom miso broth, heard from some notable speakers, including David Sacks. Venture capital firms 1789 Capital and Type One Ventures were sponsors to the event. Both of the firms have connections to influential members of the new administration, including Vice President-elect JD Vance. Donald Trump Jr. is also a partner at 1789 Capital.
Some speakers at the event were Cathie Wood, the CEO of Ark Invest, and Omeed Malik, founder of 1789 Capital. Venture capitalists, entrepreneurs, and government officials, including Katherine Boyle, who is a partner at Andreessen Horowitz, and 1789 Capital’s founder, Christopher Buskirk, Chief Investment Officer of 1789 Capital, attended the event.
David Sacks On Revoking AI Executive Order
Speaking at the event, Sacks presented plans by his administration, including revoking an artificial intelligence executive order issued by President Joe Biden. This comes as the order is facing criticism for mandating “woke” AI policies that are equity-promoting and algorithmic discrimination-prohibiting.
A person who witnessed the presentation says Sacks characterized the order as one “created by Democratic insiders for Democratic insiders.” He also emphasized a preference for minimal government intervention in AI. They said that regulatory decisions should focus on what the technology genuinely requires.
Meanwhile, Tarek Waked, a partner at Type One Ventures, said industry experts play “a huge part” in making and shaping tech regulations. “They know how the sausage gets made,” Waked said, referring to the value of having first-hand experience when overseeing complex systems. Hence, Trump’s 180° turn could mark a more collaborative relationship between the U.S. government and the tech industry, including crypto and AI.
Furthermore, as detailed in our last news story, Donald Trump is planning to appoint a total of 24 CEOs to the Crypto Advisory Council. The Crypto Council aims to collaborate with key government agencies, including the US SEC, CFTC, and Treasury, to establish regulatory clarity and foster a pro-crypto environment.
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