President-elect Donald Trump is expected to issue a series of significant executive orders on his first day in office, with a focus on reshaping the cryptocurrency sector, per Washington Post. Sources close to his transition team have indicated that crypto will play a pivotal role in the new administration’s agenda, with plans to address key challenges facing the industry.

Crypto Advisory Council: A New Era of Policy Guidance?

One of the first expected actions is the creation of a presidential crypto council. This council will likely include around 20 leaders from the cryptocurrency space, predominantly composed of CEOs and founders. These industry veterans are expected to provide policy guidance, advise the president on digital asset matters, and help shape the direction of the industry during Trump’s term.

This initiative follows growing calls from the crypto community for a structured dialogue with regulators and lawmakers. 

Earlier, David Sacks, a former PayPal executive and early Bitcoin supporter, has been tapped as the White House's crypto czar. Sacks is expected to play a pivotal role in shaping the government's approach to digital assets, and his appointment signals a shift toward a more crypto-friendly regulatory environment.

Addressing SAB 121

Another focal point for Trump’s executive orders will be the Securities and Exchange Commission’s (SEC) controversial accounting rule, known as SAB 121. This rule requires firms that custody cryptocurrency to treat their clients' digital assets as liabilities on their balance sheets. The rule has faced significant pushback from the crypto community, as it complicates financial reporting and discourages U.S. banks from engaging with digital assets.

Trump’s first-day executive orders could see the repeal of this rule, a move that would likely be welcomed by the industry. Although Congress passed a measure to repeal SAB 121 in 2023, President Joe Biden vetoed it, leaving the regulation in place. 

Proposed Reforms and International Collaboration

Beyond the crypto council and SAB 121, sources indicate that Trump’s administration is considering additional reforms. One proposal calls for the creation of a crypto working group, composed of officials from the SEC and the Commodity Futures Trading Commission (CFTC). This group would aim to streamline efforts to regulate digital assets and establish a unified approach to crypto regulation.

Further, Trump may direct the U.S. Secretary of State to work on fostering international cooperation on cryptocurrency innovation. This could involve engaging with other nations to ensure the U.S. remains at the forefront of digital asset development and adoption.

Trump’s team has also floated ideas to address the “de-banking” issue—where cryptocurrency firms struggle to access traditional banking services. Crypto firms have long faced challenges with banking, as many financial institutions are hesitant to engage with businesses in the digital asset space due to regulatory uncertainty. The new administration’s focus on this issue could help improve access to essential financial services for the crypto industry.

The Crypto Ball and VIP Reception

As Trump’s inauguration day draws near, crypto industry leaders are increasing their efforts to establish a presence within the new administration. The upcoming inaugural Crypto Ball, scheduled for January 17, promises to be a high-profile event, with a VIP reception hosted by Trump’s super PAC, MAGA Inc. Although Trump himself will not be attending, the event will feature crypto czar David Sacks, and tickets are priced at a steep $100,000 each.

Industry giants like Michael Saylor, Brad Garlinghouse, and Kris Marszalek are expected to attend. The event serves as a key opportunity for crypto leaders to network, discuss policies, and align with the new administration's objectives.