Donald Trump’s executive order on crypto, titled “Strengthening American Leadership in Digital Financial Technologies,” has been signed.
Here’s exactly what’s inside the order – which utterly revokes that of the more crypto-hostile Biden administration from two years ago.
- Broadly, the order establishes the “President‘s Working Group on Digital Asset Markets.” It will be chaired by David Sacks – the special advisor for AI and crypto – and include heads of several other agencies like the Treasury Secretary, Attorney General, SEC chairman, and CFTC chairman.
- Next, the order tasks the DOJ, Treasury, and SEC to identify all recommendations and policies made to crypto within 30 days, and to submit recommendations for whether they should be revised or kept within 60 days.
- Within 180 days, the Working Group must submit a report to the President with policy recommendations surrounding crypto.
- In particular, they must propose a regulatory framework for the “issuance and operation of digital assets, including stablecoins.”
- It must also “evaluate the potential creation and maintenance of a national digital asset stockpile” – reminiscent of the stockpile Trump promised to establish for Bitcoiners in July 2024.
- This stockpile would potentially be “derived from cryptocurrencies lawfully seized by the Federal Government,” the order stated.
- The working group will hold public hearings gathering input from crypto industry leaders and experts in establishing their framework.
- Finally, the order prohibits federal agencies from “undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.” The Republican Party – now controlling the House, Senate, and Presidency – has long opposed Democrats’ desire to establish a CBDC.
- Trump has already followed through on several promises to the Bitcoin community, including granting a pardon to Silk Road founder Ross Ulbricht.
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