David Sacks and 47th US President Donald Trump just made digital asset history. Well, kind of.
Trump just signed an executive order to make the U.S. the “crypto capital of the world.”
While the order stops short of creating a national bitcoin stockpile, a concept long championed by crypto advocates, it signals a shift toward institutionalizing and regulating the digital asset space.
David Sacks: BTC Maxis Aren’t Happy, Yet
Bitcoin Maxis on Twitter is saying that if Trump doesn’t create a Bitcoin reserve, it’s treason. Lmao, even.
What they’re most mad about is the possibility of other crypto being included besides Bitcoin in Trump’s Strategic Reserve
The White House’s new Digital Asset Working Group, led by Trump insider David Sacks, will draw on top officials from the Treasury, the Justice Department, and the SEC. The group aims to establish rules for cryptocurrencies and stablecoins while encouraging tech innovation.
According to the executive order, digital assets are crucial to U.S. economic progress and global leadership. The team has been given 30 days to produce its first report, which will spotlight policy gaps and opportunities.
I’m Tired Boss … The Details Inside The Executive Order
I just read the entire EO. Here are the details most pertinent to you:
- USD Remaind King: (ii) promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide;
- DOLLAR-BACKED stablecoins: Clearly, they still want USD to remain the dominant currency
- Crypto Taxes: Lighten the tax burden for US-based digital asset companies
- CBDC Prevention: (v) taking measures to protect Americans from the risks of Central Bank Digital Currencies (CBDCs), which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.
I assume that the last part means that the United States will recognize no de facto cryptocurrency.
NEW: Trump shouts out AI and Crypto Czar, David Sacks, “There’s nobody like this guy. They said, how did you get David Sacks? How did you do that? He’s doing it for the country more than anything else. We appreciate it, David. Thank you very much.”
@DavidSacks pic.twitter.com/fmaLlpNIdA
— Autism Capital
(@AutismCapital) January 23, 2025
Following the news, Bitcoin
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fell 1% as a result and is now up 2.3%. WTF is going on in this market? Who is applying this much sell pressure?
The TL;DR is it seems like Trump is letting David Sacks do whatever he wants.
What’s Next for Trump’s Crypto Strategy 2025?
While BTC maxis are pissed, this EO could make the US the crypto TAX capital of the world. It opens the door to legislation compelling citizens to declare their wallets and gains/losses.
With few specifics, the executive order lays the groundwork for what promises to be a sweeping overhaul of U.S. crypto policy. Trump’s larger plan for a crypto-integrated economy is still undefined, but this marks the start of what’s being dubbed the “Golden Age” of digital assets and the US economy.
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The post Trump Signs Crypto Executive Order With David Sacks: Here’s Everything You Need to Know appeared first on 99Bitcoins.
