Donald Trump signs deregulation order to aid economic recovery. 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.”
The order, signed at a cabinet meeting on Tuesday, was made to instruct federal agencies to eliminate “unnecessary regulations that impede economic recovery,” The executive order published by the White House added that “The heads of all agencies are also encouraged to promote economic recovery through non-regulatory actions.” This order was put in motion with the intention of having the US economy recover due to the coronavirus crisis.
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.”
Republican Senator Ted Cruz shared his opinion on the matter saying “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.”
This move could mean a positive indicator in the crypto-sphere as some people in the cryptocurrency industry view this deregulation order by Trump as a positive move. They are hoping that less regulation would lead to fewer enforcement actions on crypto activities. Others hope that the deregulation would increase the chance of the Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF).