KeyTakeaways:
- Trump signs an executive order to create a national digital asset stockpile.
- The order establishes a new crypto working group to guide digital asset regulation.
- The executive order revokes previous administration’s digital asset policies.
US President Donald Trump has signed an executive order to establish a national digital asset stockpile. This move is part of the administration’s broader strategy to secure the country’s position in digital finance, which focuses on developing a regulatory framework for the growing digital asset market.
The executive order creates the Presidential Working Group on Digital Asset Markets, a body tasked with evaluating and overseeing the creation of this strategic digital asset stockpile. The group’s mandate also includes developing a comprehensive federal regulatory structure to address various aspects of the digital asset landscape, including stablecoins.
Key Figures Leading the Initiative
The White House’s AI and Crypto Czar David Sacks will chair the newly formed working group, including senior officials such as the Treasury Secretary and the Securities and Exchange Commission Chairman. Additionally, the working group will engage with crypto industry stakeholders to ensure that its efforts are informed by market expertise.
In a policy direction, the executive order explicitly prohibits establishing or issuing central bank digital currencies (CBDCs). This move signals the administration’s stance on limiting the scope of government-issued digital currencies while focusing on broader regulation and market development.
Revoking Previous Administration’s Digital Asset Framework
The executive order also revokes the previous administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets.
This shift marks a new approach by the current administration, emphasizing the creation of a national stockpile and regulatory framework for digital assets without the influence of earlier policies.
