President Trump signs executive order to stimulate US cryptocurrency markets

Today, President Donald Trump I fell A new executive order titled “Strengthening US Leadership in Digital FinTech” supports the growth of the digital assets industry in the US as the cryptocurrency industry has become one of the largest donors to his presidential campaign after feeling cornered and attacked by regulations under the Biden administration, the executive order today. It is evidence that Trump is following through on a statement he made during the campaign to make America the “cryptocurrency capital of the planet.”

Key policy actions included protecting and enhancing the ability of citizens to use digital assets and develop underlying blockchain technology without persecution, protecting the sovereignty of the US dollar by supporting the growth of dollar-backed stablecoins around the world, and protecting citizens from centralized currency risks. Bank digital currency (CBDC).

The executive order responded to what the industry viewed as… attacks regarding their ability to do business in the United States by the previous administration as a result of “Operation Chokepoint 2.0” (OCP 2.0). This concept was largely highlighted by cryptocurrency entrepreneur Nick Carter, co-founder of Castle Island Ventures, who asserted that there is a deliberate attempt by US regulators to “de-bank” individuals and entities operating in the cryptocurrency space. Cryptocurrency and preventing banks from providing cryptocurrency services.

Trump also called for the creation of a “President’s Task Force on Digital Asset Markets” to evaluate regulations in US agencies affecting the digital assets industry. It was formerly called White House AI and Crypto tsarDavid Sachs has been appointed to chair the working group, which is part of the National Economic Council. This working group will aim to establish clear and transparent regulations for digital assets, with a particular focus on the Treasury Department, the Department of Justice, and the Securities and Exchange Commission.

The working group will also study the possibility of creating and maintaining a “national stock of digital assets.” This concept would be to create such a stock of cryptocurrencies that the US government would legally seize it through law enforcement efforts. Before that, there was the much-discussed possibility of issuing an executive order to create a “strategic bitcoin reserve” similar to what Senator Cynthia Lummis (R-Wyo.) proposed in her report. Bitcoin law. However, reports that Trump might want to consider a mix of “made in the USA” cryptocurrencies may have led to a decision to delegate that effort to the working group.

Although this is not considered an executive order on “day one” of the administration, prioritizing Trump signing this in his first week in office sends a strong signal that elevates crypto policy to national importance and creates a path for digital assets to thrive and grow in the U.S.