Trump Issues Sweeping Crypto Order to Ban CBDCs and Study National Stockpile – DL News

In a wide-ranging executive order on Thursday, US President Donald Trump called for a major overhaul of crypto policy as well as a study that would evaluate the creation of a “national digital asset stockpile.”

The president also banned central bank digital currencies, or CBDCs, and created a “new working group on digital asset markets” that will include top economic, law enforcement and national security officials, according to Order text Shared on the White House website.

With the executive order, Trump, a former cryptographer, honored… Many obligations During his presidential campaign, he supported the crypto industry.

However, major cryptocurrencies fell after the executive order was published.

One possible culprit: The order states that the crypto stock “potentially” [be] Derived from cryptocurrencies that have been legally seized by the federal government through law enforcement efforts. “

Some crypto supporters had hoped that the stock they had long offered would include buying cryptocurrency, rather than just holding on to the cryptocurrency they already had.

Bitcoin, XRP, and Solana all fell more than 2% on the news. Ethereum fell more than 1%.

Promises and keep them

Trump called Bitcoin an “anti-dollar scam” in 2021.

He started Change his tune In May of last year, when he told a crowd gathered at his Florida resort, Mar-a-Lago, “If you support your crypto, you better vote for Trump.”

in Bitcoin conference in Junewent further and pledged that he would uphold cryptocurrencies seized by law enforcement, preventing the development of CBDCs, and founder Ross Ulbricht, who advocates for Ross Ulbricht, by people who love your industry. “

But his biggest announcement that day was his promise that he would not sell Bitcoin held by the US government.

On Tuesday, Trump announced that he has Excuse me unconditionally Ulbricht, who was serving a life sentence for creating Silk Road, a dark web marketplace where users could use Bitcoin to buy drugs and other illicit goods and services.

Thursday’s executive order appears to honor other of the president’s promises.

Within 60 days, the Treasury Department, the Justice Department, the Securities and Exchange Commission, “and other agencies” will have to recommend changes to any laws affecting digital assets.

Within 180 days, a “Working Group on Digital Asset Markets” will have to recommend a “federal regulatory framework” governing “the issuance and operation of digital assets.” Industry Department Bill Passed home Last year with bipartisan support, but he died in the Senate.

David Sacks will chair this working group Exploited As cryptography and artificial intelligence tsar. It will also include the heads of the Treasury Department, the Commerce Department, the SEC, the CFTC, the DOJ, the Department of Homeland Security, and other agencies.

The order also prohibits the development of CBDCs; cancellation Diary From the administration of President Joe Biden, Trump’s predecessor, who focused on the risks posed by the crypto industry; He declared the Trump administration’s commitment to autonomous bodies and “fair and open access to them.” Banking Services“

“President Trump has promised to make this administration the most pro-number asset in US history, and during these first days, he is already making good on that promise.” He said.

Alex Gilbert is DL News Davey is a New York-based correspondent. You can contact him at aleks@dlnews.com.