Trump inks executive order regarding crypto markets, digital asset stockpile
Date
1/26/2025 2:34:09 AM
(MENAFN) US President Donald Trump recently signed an executive order aimed at promoting the development of cryptocurrencies in the United States and exploring the creation of a national digital asset stockpile. In the order issued on Thursday, Trump emphasized the importance of the digital asset industry in driving innovation and economic growth in the country, as well as its role in maintaining the US’s global leadership in this field. The order signals a strong commitment to furthering the adoption and regulation of cryptocurrencies.
A significant portion of the order focuses on establishing regulations and technologies to support the advancement of cryptocurrency in the US. One of the key initiatives outlined is the formation of a Working Group on Digital Asset Markets. This group will examine the feasibility of creating a national digital asset stockpile, potentially composed of cryptocurrencies that the Federal Government has lawfully seized through its law enforcement efforts.
The order also directs relevant institutions to provide recommendations to the working group about which regulations impacting the digital asset markets should be revoked or amended. This process aims to streamline and update the regulatory environment for cryptocurrencies, ensuring it supports innovation while maintaining appropriate oversight.
However, the order explicitly prohibits institutions from developing or issuing Central Bank Digital Currency (CBDC), limiting the federal government’s involvement in creating its own digital currency. During his presidential campaign last year, Trump promised to make the US the global leader in cryptocurrency, with the goal of positioning the nation as the "crypto capital of the planet" and the "Bitcoin superpower of the world."
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