President-elect Donald Trump plans to sign an executive order after taking office that will elevate crypto’s status among the administration’s other policy concerns, according to a Bloomberg Bitcoin-sceptic, Trump has wholly embraced digital currencies in the last year, courting crypto voters by launching his own crypto venture, promising to establish a national Bitcoin reserve, and supporting a regulatory framework that's friendly to the industry.

The President-elect has already connected with various crypto executives in a sign of the industry’s newfound political influence. Ripple CEO Brad Garlinghouse met Trump in-person on Jan. 7. The incoming president also spoke with Coinbase CEO Brian Armstrong over the phone following the election in November.

Trump has already made good on his campaign promises by selecting a number of crypto boosters for positions in his cabinet and government agencies. These include tech billionaire Elon Musk to head the Department of Government Efficiency and Paul Atkins , an experienced financial regulator and self-proclaimed libertarian, to chair the SEC.