President Donald Trump on Thursday has signed executive orders on digital assets, aiming to bolster U.S. leadership in the crypto industry while halting progress on central bank digital currencies.
The order establishes a Presidential Working Group on Digital Asset Markets, chaired by White House ‘AI & Crypto Czar’ David Sacks.
This group will include key figures such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, tasked with developing a federal regulatory framework for digital assets and stablecoins.
A notable aspect of the order is its directive to evaluate the creation of a “strategic national digital assets stockpile.” The Working Group is instructed to “propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
The executive order also calls for a comprehensive review of existing regulations. Within 60 days, relevant agencies must submit recommendations to the Chair on whether identified regulations, guidance documents, orders, or other items affecting the digital asset sector should be rescinded, modified, or adopted into regulation.
In a significant departure from previous administrations, the order explicitly prohibits agencies from taking any action to “establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.” It further mandates the immediate termination of any ongoing plans or initiatives related to CBDC creation.
The order revokes Executive Order 14067 of March 9, 2022, and directs the Secretary of the Treasury to revoke the Department’s “Framework for International Engagement on Digital Assets” issued on July 7, 2022. These actions are described as necessary to reverse policies that “suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance.”
Bitcoin BTC/USD is down 0.9% in the past hour, trading around $102,900.
Ethereum ETH/USD is up 1.1% over the same timeframe, trading around $3,240.
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