Donald Trump’s cryptocurrency executive order did not mention Bitcoin

Read more: Trump’s win opens the door to several pro-crypto government appointments

This working group was mandated to submit a report “recommending regulatory and legislative proposals” within 180 days. This includes proposing “a federal regulatory framework governing the issuance and operation of digital assets, including stablecoins.”

Additionally, the executive order insists that the Treasury Department, Department of Justice (DoJ), and SEC must “identify all regulations, guidance documents, orders, or items that impact the digital asset sector” within 30 days.

Within 60 days, these people are supposed to recommend “whether each specific regulation, guidance document, order, or other item should be repealed or amended.”

The command Revokes previous Biden administration Executive Order (14067)which called on regulators to investigate the appropriate regulation of cryptocurrencies and central bank digital currencies.

Bitcoin Strategic Reserve?

Previously for Trump a promise It would create a “strategic national stockpile of bitcoin” based on “100 percent of all bitcoins currently owned by the United States government or acquired in the future.”

This extends beyond Bitcoin for the task force to “evaluate the potential creation and maintenance of a national stockpile of digital assets… potentially derived from cryptocurrencies that have been lawfully seized by the federal government through law enforcement efforts.”

There was no mention in the order about another promise made by Trump that all bitcoins would soon be “made in the USA.”

There are no central bank digital currencies

The order also targets central bank digital currencies, in an effort to prevent agencies from taking “any action to create, issue, or promote central bank digital currencies within the jurisdiction of the United States or abroad.”

However, the definition of central bank digital currencies in the ranking is incredibly broad, as they are defined as “digital money or monetary value, denominated in a national unit of account, and which is the direct responsibility of a central bank.”

Federal Reserve obligations Includes Reserves of “more than 5,000 depository institutions” as well as the general account of the US Treasury. In addition, foreign banks often hold deposits with the Federal Reserve.

All of these different accounts may appear to have a monetary value, recorded in digital ledgers, resident in a national unit of account, and a direct responsibility to the central bank. However, none of these currencies would be considered central bank digital currencies (CBDCs) by most experts.

This definition of a CBDC is very similar to that of the Bank for International Settlements He specifies Central bank digital currencies are “a digital payment instrument, denominated in a national unit of account, and are a direct responsibility of the central bank.”

However, this definition changes the phrase “digital payment instrument” to “digital money or monetary value.”

Overall, this executive order is Trump’s Fulfilling campaign promises to his voters in the field of cryptocurrenciessuggesting that it will take on regulations they do not support, and keep the possibility of a digital asset stock alive.

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