- The order also seeks to deepen the advancement of cryptocurrencies in the US and solidify the country’s leadership in artificial intelligence
- Trump ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile
- The order prohibited the development of digital currencies issued by U.S. central banks that might rival those already in use
The newly inaugurated president of the United States of America, Donald Trump, has signed an executive order to create a pathway for developing a national digital asset stockpile.
The order also seeks to deepen the advancement of cryptocurrencies in the US and solidify the country’s leadership in artificial intelligence.
According to Reuters, Trump ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy.
Alluding to industry claims that U.S. regulators have ordered lenders to cut off crypto companies from banking services—a claim that regulators deny—the order also mandated that banking services for crypto companies be protected. Additionally, the order prohibited the development of digital currencies issued by U.S. central banks that might rival those already in use.
Industry experts and crypto enthusiasts, who have waited for Trump to make real his campaign promises of supporting the crypto industry and removing regulatory bottlenecks that have stymied it, welcomed the development.
“Today’s crypto executive order marks a sea change in U.S. digital asset policy,” CEO and co-founder of crypto company Anchorage Digital, Nathan McCauley, said via Reuters. “By taking a whole-of-government approach to crypto, the Administration is making a significant first step toward writing clear, consistent rules of the road.”
The order directs the Treasury secretary, the SEC and Commodity Futures Trading Commission chairs, and other agency heads to form a working group to develop a regulatory framework for digital assets, including stablecoins.
The group is also set to “evaluate the potential creation and maintenance of a national digital asset stockpile... potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
Anndy Lian, an author and intergovernmental blockchain adviser, described the order’s CBDC ban as a “game-changer” for the crypto industry in the US, per Cointelegraph.
“This isn’t just about setting rules; it’s about setting the stage for crypto to play a bigger, more legitimate role in the economy,” he said. “This clarity could lure in the big investors who’ve been sitting on the sidelines, waiting for something like this to make their move.”
Relatedly, the U.S. Securities and Exchange Commission has also revoked accounting guidance that had made it prohibitively costly for certain listed companies to protect cryptocurrency assets on behalf of third parties, marking yet another significant move supported by the crypto industry.
Man who threw away hard drive with $770M worth Bitcoin loses latest chances of recovery
Meanwhile, TheRadar earlier reported that Judge Keyser KC, the Circuit Commercial Judge for Wales in the United Kingdom, has dashed the hopes of James Howells, an IT engineer from Newport, who threw away his hard drive containing more than $770 million worth of Bitcoin.
Howells mistakenly threw away the hard drive containing 8,000 Bitcoin, which he mined in 2009 and is now valued at about $770 million. The hard drive eventually ended up in a landfill.
