Bitcoin held a retreat from a record as traders awaited crypto policy directives from President Donald Trump following his inauguration.

The executive order might involve the announcement of a new crypto council or the relaxation of banking restrictions on the crypto industry by eliminating relevant U.S. Securities

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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.

There’s Donald Trump the crypto champion, promising to unshackle an industry hit by a years-long regulatory crackdown. Then there’s Trump the memecoin, which created billions of dollars of instant paper wealth but earned sharp rebukes even from the industry that stands to gain perhaps the most from his presidency.

Trump launched the digital token with branding including an image from an assassination attempt on him in July.

Cryptocurrency exchange Coinbase Global is making an Inauguration weekend pitch, including recent meetings with the transition team to discuss executive orders related to cryptocurrency, according to people familiar with the matter.

Awaiting Trump’s return to office, the cryptocurrency industry was thrilled by the president’s promises to provide clear-cut regulatory guidelines that would help the sector grow while easing the volatility it’s become notorious for.