Trump signs executive order on cryptocurrency, establishes digital asset task force and explores creation of national digital asset reserve
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Trump signs executive order on cryptocurrency, establishes digital asset task force and explores creation of national digital asset reserve
According to Fortune, U.S. President Trump signed an executive order on cryptocurrency, establishing a stance supporting the development of digital assets and blockchain technology. The order includes several key initiatives: 1) Establishment of the "President's Working Group on Digital Asset Markets," chaired by AI and cryptocurrency special advisor David Sacks, with members including senior officials such as the chairs of the SEC and CFTC, tasked primarily with evaluating existing cryptocurrency regulations and developing a regulatory framework to support industry growth; 2) Exploring the creation of a national digital asset reserve: researching and formulating standards for establishing the reserve, considering the use of digital assets lawfully seized by the government through enforcement actions.
Navigating Web3 tides with focused insightsTechFlow news — On January 24, according to Fortune, U.S. President Trump signed an executive order on cryptocurrency, establishing a stance supporting the development of digital assets and blockchain technology. The order includes several key initiatives:
- Establishment of the "President’s Working Group on Digital Asset Markets":
- Chaired by AI and cryptocurrency special advisor David Sacks, with members including heads of the SEC and CFTC; the group will assess existing cryptocurrency regulations and develop a regulatory framework to support industry growth;
- Exploring the creation of a National Digital Asset Reserve:
- Conducting research to establish standards for creating the reserve, considering the use of cryptocurrencies lawfully seized during government enforcement actions;
- Trump has previously expressed public support for establishing a federal Bitcoin reserve as a hedge against inflation;
- Explicit ban on CBDCs:
- Prohibits any government agency from issuing central bank digital currencies (CBDCs), citing concerns that CBDCs could lead to "absolute control" over individuals’ funds by the government;
- Favors stablecoins as a solution for cross-border payments;
- Repealing Biden-era policies:
- Rescinds the cryptocurrency regulatory executive order signed by Biden in 2022.
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