Donald Trump plans to issue an executive order declaring cryptocurrency a “national necessity or priority,” Bloomberg reported on Jan. 17, citing people familiar with the plans.

The order, which could come shortly after his inauguration on Jan. 20 or even on Day 1, is intended to guide government agencies on how to deal with the cryptocurrency industry, according to the report.

A “cryptocurrency advisory board” is also expected to be created to advocate for industry policy priorities.

The executive order could also direct agencies to review digital asset policies and halt crypto-related litigation, the people said.

“Quitting lawsuits against companies ranging from Binance, the world’s largest cryptocurrency exchange, to startup Ripple Labs is a top priority for the industry,” they added.

Ripple’s native token, XRP, has already responded to the possibility of ending its four-year battle with the SEC by rallying sharply, approaching its all-time high at the end of trading on Thursday.

A national strategic bitcoin reserve that would encompass the government’s existing BTC holdings is also being considered, according to anonymous Bloomberg sources.

As of August 2024, the U.S. government held more than 213,000 BTC, currently worth about $21.5 billion. There were concerns earlier this month that some of the confiscated Silk Road would be sold, but that turned out to be more FUD.

According to the New York Post, the more controversial concept of an “America-focused strategic reserve” would “prioritize U.S.-created digital coins like Solana, USD Coin, and Ripple’s XRP.”

Meanwhile, the New York Times reported that Ripple CEO Brad Garlinghouse has urged Trump to include other crypto assets besides BTC in his potential strategic reserve.

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