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President-elect Donald Trump is planning to use his executive powers to reduce the regulatory burden faced by cryptocurrency companies and promote digital asset adoption in his first few days in office, according to three people briefed on the plan. Trump, who courted crypto cash on the campaign trail with promises to be a "crypto president," is expected to sign an executive order creating a crypto advisory council, an idea he first floated in July, said two of the sources who requested anonymity to discuss private deliberations. Bloomberg News first reported on Thursday that Trump was planning to issue an executive order creating a crypto council, which would help advise the government on crypto-friendly policy.

The executive order would make crypto a ‘national priority.’

Forcing prospective officials to divest crypto doesn't improve crypto policy, says Blockchain Association's Dan Spuller.

The market bid up cryptocurrencies this week ahead of President Trump's inauguration, which could change the industry's landscape. According to data provided by S&P Global Market Intelligence, XRP (CRYPTO: XRP) was up as much as 43.2% since last Friday's stock market close and is currently up 37.3%. Hedera (CRYPTO: HBAR) jumped 41% and settled in at a 31.4% gain for the week, and Stellar (CRYPTO: XLM) was up 20% at its high and is now trading up 14.3%.

(Bloomberg) -- Digital Currency Group and its subsidiary Genesis Global Capital settled Securities and Exchange Commission charges on Friday — the latest in a slew of crypto firms to do so as US regulators appear to clear their slates in the waining days of the Biden administration. Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesScaramucci, Ackman Donate to Whitney Tilson’s NYC Mayoral RunIn a City

The crypto market came to life on Friday, the last trading day for Wall Street markets before the Trump presidency begins on Monday. Bitcoin (CRYPTO: BTC) has led the way, rising 5.6% in the past 24 hours as of 12:30 p.m. ET and nearly crossing $105,000 per token. Ethereum (CRYPTO: ETH) is up a more modest 2.6% in that time, and Dogecoin (CRYPTO: DOGE) is up 7.3%.

Major cryptocurrencies rallied on Friday, with bitcoin back on track toward its record high days ahead of the second inauguration of crypto-friendly President-elect Donald Trump.