President Donald Trump has signed an executive order aimed at solidifying the U.S. position in the digital asset arena.
This new initiative establishes the “Presidential Working Group on Digital Asset Markets,” which will work on creating a federal regulatory framework for digital assets and explore the idea of a national digital asset reserve.
Why the U.S. need the working group?
Chaired by David Sacks, a consultant in AI and crypto, this group will include heavy hitters like the Treasury Secretary, the Attorney General, and top officials from the SEC and CFTC. Their mission?
To lay down some clear rules for stablecoins and other digital assets in the country, making it easier for investors to navigate the market.
One of the exciting proposals is to evaluate a national cryptocurrency reserve based on assets seized by the government.
Currently, the U.S. holds about 200,000 BTC from various judicial operations, but “stockpile” doesn’t mean Uncle Sam is going out to buy Bitcoin, it’s more about formalizing what’s already been confiscated.
No CBDCs allowed
The order explicitly bans federal agencies from developing or promoting a CBDC, which Trump claims could threaten privacy and financial stability.
This is a strong shift from the previous administration’s approach, which many felt was stifling innovation with excessive regulations.
Moreover, the executive order guarantees that citizens can use public blockchains for legal activities like mining and self-custody without fear of government interference.
Vision for crypto
This executive order is part of Trump’s strategy to position the U.S. as the global capital of cryptocurrencies.
He’s already made some big moves since taking office, including pardoning Ross Ulbricht, founder of Silk Road, and dismissing former SEC Chair Gary Gensler.
The working group has 180 days to present its recommendations to Congress, including plans for that potential strategic reserve.
