President Trump Signs Executive Order To Spark U.S. Crypto Markets – Forbes
President Trump issued an executive to make crypto a national priority.On Thursday, President Trump signed a new executive order titled “Strengthening American Leadership in Digital Financial Technology” that supports the growth of the digital asset industry in the United States. As the crypto industry became one of the largest donors to his campaign after feeling beleaguered and attacked by regulations under the Biden administration, the executive order is proof Trump is following through on a statement made during the campaign to make America the “crypto capital of the planet.”Key policy actions included protecting and promoting citizens’ ability to use digital assets and develop the underlying blockchain technology without persecution, protecting the sovereignty of the U.S. dollar by supporting the growth of dollar-backed stablecoins worldwide, and protecting citizens from the dangers of a central bank digital currency.The executive order pushed back on what the industry saw as an attack on their ability to conduct business in the U.S. by the previous administration as a result of “Operation Chokepoint 2.0.” This concept was largely brought to light by crypto entrepreneur Nic Carter, founding partner at Castle Island Ventures, who maintained there was a deliberate attempt by U.S. regulators to “debank” individuals and entities working in cryptocurrency and to prevent banks from offering crypto services.Trump also called for the establishment of the “President’s Working Group on Digital Asset Markets” to evaluate regulations in U.S. agencies that impact the digital asset industry. Previously named as the White House artificial intelligence and crypto czar, David Sacks has been designated to chair the working group, which is embedded within the National Economic Council. This working group will aim to establish clear and transparent regulations for digital assets, with a particular focus on the Treasury Department, the Justice Department, and the Securities and Exchange Commission.The working group would also study the potential creation and maintenance of a “national digital asset stockpile.” This concept would be to potentially create such a stockpile from cryptocurrencies lawfully seized by the U.S. government through law enforcement efforts. Prior to this, there was the much-discussed possibility of an executive order creating a “strategic bitcoin reserve” similar to what Sen. Cynthia Lummis (R-Wyo.) has proposed in her Bitcoin Act. However, reports that Trump may want to consider a mix of cryptocurrencies “made in the U.S.” might have resulted in a decision to delegate this effort to the working group.While it was not an executive order signed on Day One of the Trump administration, the fact it was signed in his first week in office sends out a strong signal that elevates crypto policy to national importance and creates a pathway for digital assets to flourish and grow in the United States.One Community. Many Voices. Create a free account to share your thoughts. Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.In order to do so, please follow the posting rules in our site’s Terms of Service. We’ve summarized some of those key rules below. Simply put, keep it civil.Your post will be rejected if we notice that it seems to contain:User accounts will be blocked if we notice or believe that users are engaged in:So, how can you be a power user?Thanks for reading our community guidelines. Please read the full list of posting rules found in our site’s Terms of Service.
