In a landmark move for the crypto industry, President Donald Trump has signed an executive order to establish a dedicated working group focused on digital assets.
Trump has signed an Executive Order establishing the Presidential Working Group on Digital Asset Markets, a new initiative aimed at bolstering U.S. leadership in digital finance, according to Fox Business reporter Eleanor Terrett.
The Working Group will develop a Federal regulatory framework for digital assets, including stablecoins, while evaluating the feasibility of a national digital assets stockpile.
Chaired by the White House AI & Crypto Czar, David Sacks, the group will include key officials such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, alongside other agency heads.
The Executive Order mandates collaboration with industry experts to ensure that cutting-edge insights beyond the Federal Government inform policies.
It also directs agencies to review and recommend changes to existing regulations that impact the digital asset sector. The order prohibits any Federal action to create or promote central bank digital currencies.
SEC crypto task force
In tandem with the executive order, the U.S. SEC announced the formation of a cryptocurrency task force.
This group is charged with creating a regulatory framework that provides legal clarity for crypto assets, addressing longstanding industry concerns about ambiguous regulations.
The executive order also repeals the Biden Administration’s Digital Assets Executive Order and the Treasury Department’s international framework, citing concerns over their restrictive impact on innovation and U.S. economic competitiveness in global digital finance, according to Terrett.
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