President-elect Donald Trump is preparing to issue an executive order related to cryptocurrencies during the opening hours of his second term, according to sources familiar with the matter Decryption— and it will likely be the first of many to come.

Trump's first executive order on cryptocurrencies is expected to create a presidential position Encryption boardwhich is made up of about 20 industry leaders — all likely founders and CEOs, one of the sources said. The order would also likely direct the Securities and Exchange Commission to abandon a rule known as SAB 121 that discourages U.S. banks from holding cryptocurrencies, two sources said. Congress passed the repeal of SAB 121 last spring, but President Joe Biden It was overturned Legislation, leaving the rule in place.

However, it appears that no executive order was issued on day one – it was first reported earlier today The Washington Post- It might just be the beginning. Trump's transition team put forward a draft of a more comprehensive executive order for cryptocurrencies in the weeks following the November presidential election, sources said. Decryption. So, while Trump may be poised to issue a targeted executive order related to cryptocurrencies on day one, other orders addressing more complex issues will likely be signed in the days and weeks following his administration.

Some of these proposed reforms, which have not been previously reported, include directing the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to create a crypto working group to get on the same page on digital assets. Another could order the SEC to rescind its controversial decision Exchange ruleWhich targets decentralized finance projects. Another order directs the US Secretary of State to coordinate internationally on promoting cryptocurrency-related innovation.

Sources familiar with the matter say they believe Trump intends to issue broad, sweeping directives that would benefit the cryptocurrency industry, but say it will likely take more time to get these reforms over the finish line given the finish line. Huge pile Of the executive orders awaiting his attention. This could be a good thing, since these issues require careful consideration and are important to correct, one source said.

Of course, given the nature of the presidency and the tension that will undoubtedly surround Trump's first days in office, the language and timeline of any proposed executive orders under consideration by his administration are always subject to change.

Last week, according to a source. Beau HinesThe former college football player tapped to run Trump's cryptocurrency council has made calls to cryptocurrency policy leaders in Washington, asking them to submit proposals for potential cryptocurrency-related executive orders by next Wednesday, January 15.

With Trump's inauguration less than a week away from that deadline, it seems unlikely that the president-elect's transition team will currently fine-tune a single, comprehensive executive order for cryptocurrencies in preparation for January 20th.

Neither Hynes nor representatives of the Trump transition team immediately responded DecryptionRequest for comment.