U.S. President Donald Trump has signed an executive order to eliminate “unnecessary regulations that impede economic recovery” following the coronavirus crisis. With this deregulation, government agencies are “encouraged to promote economic recovery through non-regulatory actions.”
Trump Signs Deregulation Order to Help Economic Recovery Following Coronavirus Crisis
At a cabinet meeting on Tuesday, U.S. President Donald Trump signed an executive order instructing federal agencies to eliminate “unnecessary regulations that impede economic recovery,” the media quoted him as saying. This latest deregulatory effort is aimed at helping the U.S. economy recover from the impact of the covid-19 crisis, Trump announced. According to the executive order published by the White House:
The heads of all agencies are also encouraged to promote economic recovery through non-regulatory actions.
Trump’s deregulation order directs federal agencies to “identify regulatory standards that may inhibit economic recovery” and take appropriate action, including “issuing proposed rules as necessary, to temporarily or permanently rescind, modify, waive, or exempt persons or entities from those requirements … for the purpose of promoting job creation and economic growth.”
Some Democratic lawmakers were quick to criticize Trump’s action, arguing that it will allow the government to get rid of important protections. Meanwhile, Republican Senator Ted Cruz commented:
Every regulation that was waived during this crisis should remain waived and we should begin repealing the most costly of the major regulations that have accumulated over the past decade.
Some people in the cryptocurrency industry view this deregulation order by Trump as a positive move, hoping that less regulation would lead to fewer enforcement actions on crypto activities. Some also hope that the deregulation would increase the chance of the Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF) while others are more skeptical. So far, the SEC has not approved any bitcoin ETF proposals.
Do you think Trump’s deregulation order will affect the crypto industry? Let us know in the comments section below.
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