In a bold move likely to reshape the entire cryptocurrency landscape, President Donald Trump has officially signed an executive order to create a national digital asset reserve, fulfilling a promise he made during his campaign last year.
Presidential Working Group to Forge Federal Crypto Guidelines
FOX journalist Eleanor Terret reports that this executive order establishes the Presidential Working Group on Digital Asset Markets. This strategic group aims to strengthen the United States’ influence in the crypto sphere. The central mission? To craft a comprehensive federal framework that governs digital assets, with a particular focus on stablecoins, which are known for their relative steadiness compared to other cryptocurrencies.
David Sacks, serving as the White House AI & Crypto Czar, will chair this Working Group. Joining him will be the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission (SEC), and heads of other federal agencies with interests in the field.
New Order Rules Out CBDCs
A notable element of this executive order is its instruction for federal bodies to pinpoint current regulations that might impede the burgeoning digital assets sector. The Working Group’s role will be to assess how these rules can be reformed or discarded, seeking to foster a regulatory environment that encourages innovation and supports economic freedom.
Crucially, the order makes it clear that no federal agency will be allowed to establish, issue, or promote Central Bank Digital Currencies (CBDCs).
Moreover, it reverses several executive orders issued by the previous administration, which were seen as obstacles to digital asset growth and innovation. By dismantling these existing structures, the current administration aims to clear the way for digital finance advancements.
At the time this was written, there’s been a noticeable uptick in Bitcoin’s performance, with a weekly increase of 5% bringing it back to the $105,160 mark.
Featured image sourced from DALL-E, with market chart courtesy of TradingView.com.
