The incoming Trump administration is reportedly preparing a major reset of U.S. cryptocurrency policy, with early executive actions expected to target several Biden-era measures viewed by the industry as restrictive. According to a report cited from The Washington Post, people familiar with internal discussions said one of the top priorities is overturning the Securities and Exchange Commission’s Staff Accounting Bulletin 121 (SAB 121), a rule that has become a central point of tension between regulators, banks, and crypto firms.
SAB 121 requires banks that safeguard digital assets to record those holdings as liabilities on their own balance sheets. Crypto advocates have long argued that this accounting treatment discourages traditional financial institutions from entering the custody market because it raises compliance burdens and capital-related concerns. If that rule is rolled back, supporters believe banks would face fewer obstacles in offering custody services for assets such as bitcoin, potentially deepening ties between digital assets and the broader financial system.
Day-One Executive Orders Could Redefine the Tone of U.S. Crypto Policy
The report indicates that Trump is expected to sign executive orders on his first day in office, and that those orders may address both crypto-related “de-banking” and the repeal of the controversial accounting policy. In this context, de-banking refers to claims from parts of the industry that crypto businesses struggled under the Biden administration to access ordinary banking relationships and core financial services.
For backers of the incoming policy shift, reversing SAB 121 is not just a technical accounting matter. It is being presented as a symbolic and practical step toward a more innovation-friendly framework. The argument from that camp is that current rules have made the United States a more difficult place to build digital asset businesses, while other jurisdictions have moved faster to attract investment, infrastructure, and talent.
The significance of a day-one move would be political as well as regulatory. It would send a message that the new administration intends to break sharply from the posture of the previous White House and reposition the U.S. as more open to blockchain development and digital asset experimentation.
David Sacks Seen as a Key Figure in the Emerging Strategy
A central figure in the reported strategy is David Sacks, described as a close Trump adviser and the administration’s newly appointed AI and crypto czar. During a December event, Sacks reportedly outlined the broad contours of what he called a “sensible” regulatory framework—one aimed at supporting technological innovation while reducing what supporters see as excessive federal interference.
People cited in the report suggested this framework may include executive actions designed to address the banking access challenges faced by crypto firms. The broader idea appears to be a shift away from aggressive oversight and toward a model that gives market participants more room to operate, especially where existing policy is seen as constraining legitimate business activity rather than targeting fraud or misconduct directly.
That approach would mark a meaningful contrast with the regulatory climate associated with the Biden years, during which crypto companies faced tighter scrutiny, increased reporting expectations, and a more skeptical federal posture overall.
A Broader Alliance With Tech and Crypto Leaders
The report also points to a wider political and cultural repositioning by the Trump team. The incoming administration has reportedly been building ties with influential figures across technology and crypto, including venture capital investors and blockchain entrepreneurs. That matters because policy direction in this sector is often shaped not only by formal agencies and statutes, but also by the networks of advisers and industry voices closest to the White House.
This evolution is particularly notable given Trump’s earlier criticism of cryptocurrencies during his first term. The apparent shift suggests that digital assets are no longer being treated only as a fringe financial issue, but increasingly as part of a broader competition over innovation, capital formation, and technological leadership.
Adding to that message, the administration has announced plans for a Crypto Ball, an inaugural event intended to signal support for the industry and promote the United States as a potential global leader in blockchain and digital asset innovation. While symbolic, such gestures can influence expectations around future policymaking by showing which sectors an administration wants to elevate publicly.
SAB 121 Remains the Immediate Flashpoint
Among all the reported policy items, SAB 121 stands out as the most immediate and concrete flashpoint. The rule has drawn criticism for making digital asset custody less attractive for banks, and opponents say that effect has limited the ability of mainstream financial institutions to participate in crypto market infrastructure. Supporters of repeal argue that bank involvement could improve market legitimacy, strengthen custody standards, and reduce reliance on narrower segments of the financial system.
At the same time, the rule has remained politically contentious. The report notes that Congress passed legislation related to the issue last year, but President Biden vetoed it, helping preserve the status quo. That history has made SAB 121 a rallying point for those who believe the prior administration’s approach was overly restrictive and out of step with the pace of digital asset development.
If the new administration moves quickly against the rule, it could become one of the earliest and clearest examples of how campaign rhetoric is being translated into actual federal action.
Potential Industry Impact and Remaining Uncertainty
The crypto industry is likely to interpret any immediate rollback effort as a sign that Washington may become more accommodating, at least relative to the previous administration. For companies involved in custody, banking partnerships, infrastructure, and compliance, the practical implications could be significant if traditional institutions receive a clearer path to engage with digital assets.
Still, the report stops short of claiming that the new approach will automatically succeed. Executive orders can set direction and alter priorities, but the long-term shape of crypto regulation in the United States will still depend on agencies, enforcement choices, congressional dynamics, and the legal durability of any rapid changes. There is also the broader question of whether lighter-touch oversight can encourage innovation without creating new vulnerabilities in a market that has historically struggled with fraud, volatility, and operational failures.
Even so, the early signals described in the report point to a potentially transformative moment. If Trump follows through with day-one actions on SAB 121, de-banking, and related issues, the United States could be entering a new phase in crypto policymaking—one defined less by defensive containment and more by competitive positioning. Whether that shift delivers the legitimacy, stability, and innovation promised by supporters remains uncertain, but the direction of travel appears increasingly clear.