[NEWS] President Trump Signs Executive Order Promoting Cryptocurrencies: National Reserve Under Consideration

On the 23rd, President Trump signed an executive order on cryptocurrency, aimed at revising cryptocurrency regulations and establishing a national digital asset reserve. The order seeks to promote the development of the U.S. digital asset market and enhance transparency and trust through the establishment of a robust regulatory framework.

The key elements of the executive order include protecting the rights of individuals and private enterprises, promoting U.S. dollar-backed stablecoins, prohibiting CBDCs, ensuring fair and open access to banking services, and providing technology-neutral regulations.

To advance these goals, a "Digital Asset Market Task Force" will be established within the White House. The task force will be chaired by David Sacks, a former PayPal executive, and will include high-ranking government officials such as the Treasury Secretary, the chairpersons of the SEC (Securities and Exchange Commission), and the CFTC (Commodity Futures Trading Commission). The task force is tasked with proposing a regulatory framework for digital assets within approximately six months, with a particular focus on clarifying regulations for stablecoins and cryptocurrency ETFs (exchange-traded funds), as well as drafting rules for adopting cryptocurrencies as reserves.

Ultimately, the executive order did not mandate the adoption of Bitcoin as a reserve asset.

A notable aspect of this executive order is the consideration of creating a national digital asset reserve based on legally seized cryptocurrencies. This aligns with President Trump’s campaign proposal for a "Bitcoin National Strategic Reserve," envisioning the use of seized assets to build a national reserve.

The creation of the national digital asset reserve is positioned as part of a broader national strategy to strengthen the United States' economic and technological leadership, aiming to enhance international competitiveness in digital financial technologies.

Additionally, the executive order explicitly rejects the introduction of a CBDC, signaling a clear intent to protect U.S. citizens from excessive government control and potential privacy infringements. This move aims to foster an environment for the healthy development of the private cryptocurrency market.

The series of announcements underscores the Trump administration's ongoing commitment to crypto-friendly policies. In particular, it reflects a departure from the strict regulations advanced under the previous administration, garnering a degree of support for its intent to promote industry growth.

Going forward, attention will focus on the proposals from the task force and the implementation of these policies, as the competitiveness of the U.S. cryptocurrency market continues to evolve.

Reference: THE WHITE HOUSE
Image: Shutterstock

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