The incoming Trump administration is reportedly preparing a major reset of U.S. cryptocurrency policy, with first-day executive orders expected to target some of the most controversial elements of the Biden-era regulatory approach. According to a report cited from The Washington Post, people familiar with internal discussions say the transition team is considering swift action on crypto banking access, digital asset accounting treatment, and the broader regulatory posture toward the industry.
SAB 121 emerges as a key flashpoint
At the center of the reported agenda is the possible reversal of the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121 (SAB 121). The guidance has drawn sustained criticism from crypto advocates because it requires banks safeguarding customer digital assets to record those holdings as liabilities on their own balance sheets. Critics argue that this accounting treatment makes it significantly less attractive for banks to provide custody services for cryptocurrencies and other digital assets.
People aligned with Trump’s crypto policy discussions reportedly view repeal of SAB 121 as a top priority. In their view, removing the rule could lower barriers for traditional financial institutions to enter the digital asset custody business. Supporters believe that wider participation by banks could improve market legitimacy, expand institutional access, and reinforce infrastructure around assets such as bitcoin.
The issue has remained politically contentious. The report notes that Congress passed legislation related to the matter last year, but President Biden vetoed it, leaving SAB 121 in place. That history has made the rule a symbol of the wider clash between the crypto industry and the Biden administration’s regulatory philosophy.
Executive orders may also address de-banking concerns
Another major issue expected to be addressed is so-called de-banking. Industry participants have long argued that some crypto companies faced unusual difficulty obtaining or maintaining access to banking services under the previous policy environment. These concerns include challenges related to opening accounts, securing payment rails, and maintaining ordinary business relationships with regulated financial institutions.
According to the report, Trump could sign executive orders on his first day in office that address these complaints directly. While the exact text and legal scope of any order remain unclear, the proposal is being framed as part of a broader effort to remove what industry supporters see as structural obstacles to crypto business operations in the United States.
For digital asset firms, access to banking is not a secondary issue. It affects payroll, settlement, customer onboarding, trading operations, and compliance execution. As a result, any White House effort to ease banking frictions would be interpreted by the market as more than symbolic—it would signal a meaningful shift in the federal government’s posture toward the industry.
David Sacks and a “sensible” regulatory framework
The report also highlights the role of 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 direction of the emerging policy framework, characterizing it as a more “sensible” model for oversight. The goal, according to that description, would be to encourage innovation while reducing what supporters see as excessive federal intervention.
That language is significant because it suggests the administration is not merely looking to remove isolated rules, but to redefine the relationship between Washington and the digital asset sector. Rather than emphasizing aggressive enforcement and tighter reporting requirements, the new approach appears intended to prioritize technological development, market participation, and regulatory clarity.
Even so, much remains uncertain. Executive orders can set policy priorities and direct agencies, but they do not automatically resolve every legal or administrative issue surrounding crypto oversight. Agencies, courts, and Congress would still shape how far any policy reset could go in practice.
A broader political and industry realignment
The reported crypto agenda reflects a notable evolution in Trump’s own political positioning. During his first term, he was openly critical of cryptocurrencies. Now, however, his team is said to be actively building relationships with venture capital figures, blockchain entrepreneurs, and major voices in the digital asset ecosystem.
This shift is also being reinforced through symbolism and outreach. The administration has announced plans for an inaugural Crypto Ball, an event designed to project support for digital asset innovation and to position the United States as a potential global leader in blockchain development. While largely ceremonial, such moves help shape expectations around the administration’s priorities and messaging.
For the crypto industry, this change in tone matters. Policy is influenced not only by statutes and enforcement actions, but also by whether business founders, investors, and financial institutions believe the government sees them as legitimate participants in economic innovation. A friendlier public posture from the White House could affect capital formation, hiring decisions, and long-term strategic planning across the sector.
Reaction against the Biden-era regulatory model
The push for deregulation, as described in the report, follows years of criticism from crypto advocates who argued that the Biden administration’s approach imposed heavier scrutiny, more compliance pressure, and additional reporting burdens on digital asset firms. Supporters of the incoming policy shift say that these measures chilled innovation and encouraged some companies to move operations overseas.
That argument has become a central theme in the political debate over crypto regulation in the United States. One side has maintained that tighter controls were necessary to protect consumers and reduce systemic risk. The other has argued that the regulatory structure became so restrictive and uncertain that it damaged U.S. competitiveness in a fast-moving global industry.
If Trump’s team follows through on the reported day-one actions, the administration would be making an early and highly visible bet that a more permissive framework can attract investment, retain companies, and strengthen America’s role in financial technology.
What comes next
Despite the strong signaling, the final outcome remains uncertain. The report is based on people familiar with internal discussions, and the exact form, timing, and legal durability of any executive orders may change. In addition, some policy objectives—especially those involving agency rules—could face procedural, political, or judicial constraints.
Still, the overall direction described is clear: the incoming administration appears ready to break sharply from the Biden-era crypto playbook. A rollback of SAB 121, a response to de-banking complaints, and a more explicitly pro-innovation framework would together represent one of the most consequential pivots in recent U.S. digital asset policy.
For markets, institutions, and crypto businesses, the message is that Washington could soon move from a posture of skepticism and constraint to one of accommodation and strategic support. Whether that transition ultimately delivers the promised gains in legitimacy, stability, and innovation will depend on implementation—but the political signal alone is already significant.