"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

Bitcoin extended a retreat from a record high as traders awaited pro-crypto policy directions from Donald Trump following his inauguration as the 47th US president.

The executive orders might address debanking and the repeal of a policy requiring banks to count their held digital assets as liabilities on their balance sheet.