Peter Schiff: Trump's Crypto Order Is An 'Easy Way To Pay Off Donors'

Economist and commentator Peter Schiff on Friday sharply criticized President Donald Trump‘s recent executive order on digital assets, suggesting it is a thinly veiled attempt to “pay off donors” rather than a genuine effort to advance the crypto industry.

What Happened: Schiff, known for his skepticism towards cryptocurrencies, voiced his concerns on X, stating the order was "just an easy way to pay off donors.”

Schiff’s skepticism extends to the notion of a “strategic” national digital asset reserve, as proposed in the order.

He argued that the executive action does not guarantee the creation of such a reserve and instead highlights the focus on developing a regulatory framework.

The order does not explicitly mention the creation of a Bitcoin BTC/USD reserve but directs the working group to “propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts."

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Why It Matters: Trump’s executive order establishes a Presidential Working Group on Digital Asset Markets to develop a federal regulatory framework for digital assets and stablecoins, according to the order.

This working group, chaired by David Sacks, will include key figures like the Secretary of the Treasury and the Chairman of the SEC.

The order also mandates that relevant agencies review and potentially rescind, modify, or adopt existing regulations related to the crypto sector within 60 days.

A significant aspect of the order is its explicit prohibition on agencies taking any action to “establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.”

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