President Donald Trump signed his first crypto-related executive order on Thursday, publicly establishing a National Working Group on Digital Asset Markets and laying the groundwork for exploring some of his promotion promises—including probably establishing a national stockpile for Cryptocurrency and other resources.
The Presidential Working Group will suggest Trump on issues related to bitcoin policy and tell his decision-making with regards to the market. Trump recently announced that the team will be led by Silicon Valley venture capitalist David Sacks, the White House’s first-ever “A I and crypto king. ”
Its day-to-day procedures may be managed by Bo Hines, a one-time Democratic congressional candidate and former college basketball player. The class will also include the Secretary of the Treasury, the SEC and CFTC eyes, and other office and company leaders.
recently reported that the government is expected to contain of 20 crypto owners and CEOs. Business donors to Trump’s political campaign—and perhaps his annual bank as well—are likely to be prioritized. The party doesn’t have any real power besides the opportunity to request Trump and Congress, who may make their own decisions.
The executive order, titled” Strengthening American Leadership in Digital Financial Technology,” further things the group with exploring the idea of a “strategic national digital assets hoard, ” following Trump’s plan road promise to establish a Bitcoin national reserve.
For an idea has been furthered in the Senate via Senator Cynthia Lummis ’ Bitcoin Act, plus many states are now considering their own Cryptocurrency supply policy. Nevertheless, the executive order does not discuss Bitcoin by name, nor does it explain any other particular crypto assets.
However, the order information that firms are blocked from launching central banks digital assets, or CBDCs, which are often referred to as “digital money. ” These centralized bitcoin have been frequently derided by Republicans due to privacy concerns.
It also aims to “protect and promote” the rights for American companies and citizens to trade and self-custody cryptocurrency, mine bitcoin and examine bitcoin transactions, and start bitcoin software.
It is also expected that Trump will follow up this first crypto-related executive order with several more. A top priority for the industry has been repealing the SEC ’s SAB 121 rule, which discourages American banks from holding crypto. Congress repealed SAB 121 last spring, but former president Joe Biden then vetoed the legislation, leaving the rule in place.
Trump is able to rescind SAB 121 with an executive order, and is widely expected to do so.
Other crypto policies that Trump may address in future executive orders include eliminating the SEC ’s controversial exchange rule, which targets decentralized finance projects, and directing federal agencies including the State Department to make fostering crypto innovation a national priority.
With or without executive orders, though, The Trump Administration is already off to a running start when it comes to crypto. On Tuesday, the SEC established a new crypto task force led by Hester Peirce, the emphatically pro-industry commissioner.
The task force will aim to “craft sensible disclosure frameworks” that will allow crypto projects and companies to register legally if needed. Doing so will end the SEC ’s longstanding, effective policy of regulating the industry by enforcement, an approach that brought much uncertainty to the sector and pushed many firms out of the country.
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