Trump Executive Orders Federal Crypto Sanctuary – But Doesn’t Mention Bitcoin

President Donald Trump signed his The first executive order related to encryption On Thursday, he formally established a presidential task force on digital asset markets and laid the groundwork to explore some of his campaign promises — including potentially… Establish a national reserve to Bitcoin And other assets.

The Presidential Working Group will advise Trump on crypto policy matters and inform decision-making regarding the industry. Trump previously announced that the group would be led by Silicon Valley venture capitalists David Sacksthe first “AI” in the White House “Artificial Intelligence and Cryptography”.

Its daily operations will be managed Beau Hinesa one-time Republican congressional candidate and former college football player. The group will also include the Secretary of the Treasury, the heads of the SEC and CFTC, and other department and agency leaders.

Decrypt previously I mentioned The board is expected to consist of 20 crypto founders and senior executives. Industry donors to Trump Presidential campaign– And maybe his Opening box Also – it will likely be prioritized. The group has no real power besides the opportunity to advise Trump and Congress, who will make their own decisions.

The executive order, titled “Strengthening U.S. Leadership in Digital Financial Technology,” expands the group’s missions while exploring the premise of a “strategic national digital asset stockpile,” following Trump’s campaign promise to create a national bitcoin reserve.

Such an idea was strengthened in the Senate Senator Cynthia Lummis BitcoinIn addition to several states Now consider their Bitcoin reserve legislation. However, the executive order does not mention Bitcoin by name, nor does it mention any other specific crypto assets.

Furthermore, the arrangement notes that agencies are prohibited from launching Central bank digital currenciesOr CBDCs, which are often referred to as “digital dollars.” These centralized cryptocurrencies have been widely derided by Republicans over privacy concerns.

It also aims to “protect and promote” the rights of US businesses and citizens to transact with cryptocurrency and self-defraud, Crypto Mine and validate blockchain transactions, and launch a blockchain program.

Trump is also expected to follow up on this first executive order related to encryption with Several more. A top priority for the industry has been to repeal the SEC’s Rule 121, which encourages US banks to hold crypto. Congress repealed SAB 121 last spring, but former President Joe Biden Veto Legislation, leaving the rule in place.

Trump is able to repeal SAB 121 by executive order, and is widely expected to do so.

Other crypto policies that Trump may address in future executive orders include eliminating controversial critters Exchange ruleWhich targets decentralized finance projects, directing federal agencies including the State Department to make promoting crypto innovation a national priority.

With or without executive orders, though, the Trump administration is already off to a running start when it comes to encryption. On Tuesday, it created a new SEC Cryptography Task Force led by Hester Piercethe categorically pro-pro-commissioner.

The task force aims to “craft reasonable disclosure frameworks” that will allow crypto projects and companies to register legally if necessary. Doing so would end the SEC’s longstanding and effective policy of regulating the industry Through enforcementan approach that brought a lot of uncertainty to the sector and pushed many companies abroad.

Editor’s Note: This story was expanded with more detail after publication.