President Trump establishes a working group of cryptocurrencies and prohibits the digital dollar – Tradingview News
US President Donald Trump has signed an executive order to create a working group of cryptocurrencies charged with proposing new regulations for digital assets and “assessing the possibility of creating and maintaining a national stock of digital assets.” In addition, the creation of a digital currency for the Central Bank (CBDC) has banned in the country, which may compete with the current cryptocurrencies.
The Working Group will include the Minister of the Treasury, the heads of the Securities and Stock Exchange Committee (SEC) and the CFTC futures trading committee, along with other heads of agencies. It will also explore an organizational framework for stable currencies associated with paper currencies.
The United States is moving towards the encryption regulations
With this last matter, President Trump has taken steps to fulfill the promise of his campaign to reform the US cryptocurrency policy immediately.
The executive also imposes the provision of appropriate banking services to encrypted currency companies. Although there is no official banking ban on encrypted currency companies, many participants in the industry have reported their deprivation of banking services on multiple occasions.
A former media report indicated that the Trump administration may appoint the CFTC as the basic organizational authority in the United States, which actually leads to the marginalization of the Securities and Exchange Committee (SEC), which is currently in charge of most enforcement procedures against currency companies Cryptocurrency.
🚨 Now: Donald Trump has signed an executive order to help make “America the capital of the world crystallization.” pic.twitter.com/ueljcdvgeb
Crypting leaders take responsibility
After President Trump took office, former presidents resigned to the Securities and Exchange Committee and the CFTC. They have been replaced by temporary leaders seen as more suitable for cryptocurrencies. Even Caroline Fam, Acting Chairman of the Justice Commodities Trading Authority, appointed a specialist to lead the agency’s efforts on “cryptocurrencies and decentralization (Defi) and other digital assets.”
Despite the increasing dependence of encrypted currencies in the United States, the country is still lacking policies and comprehensive regulations for this sector. Even Coinbase, a major encrypted currency exchange, filed a lawsuit against the Securities and Exchange Commission due to lack of clarity in its cryptocurrency policies. With President Trump’s approach, the country appears to be close to establishing an organizational framework suitable for encrypted currencies.
Last year, the European Union presented the market planning system for encrypted assets (MICA), becoming the first major jurisdiction to implement a comprehensive regulatory framework.
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