Trump signs executive order on cryptocurrency stocks and digital assets

president Donald Trump The Bitcoin company signed an executive order on Thursday to advance the advancement of cryptocurrencies in the United States and work to develop a national stockpile of the digital asset.

Venture capitalist David Sachs, who Trump clicked As the czar of cryptocurrencies and artificial intelligence, he joined Trump in the Oval Office to sign the order.

“The digital asset industry plays a critical role in U.S. innovation and economic development, as well as our nation’s international leadership.” to request Countries.

Trump, who was a critic of cryptocurrencies in his first administration, changed his tune during the election campaign and attracted huge contributions from the industry after four turbulent years in office. Then-President Joe Biden. Crypto investors, companies and executives It represents nearly half of corporate donations In the 2024 election cycle, some have contributed tens of millions of dollars to help Trump win a second term in office.

Most of it focuses on creating and developing the technology and rules around cryptocurrencies in the United States. One important part is the creation of a working group to look into the national digital asset stockpile, “derived from cryptocurrencies that have been lawfully seized by the federal government through its law enforcement efforts.”

Historically, the US Marshals Service has been auctioned off Bitcoinalong with other cryptocurrencies such as ether and Litecoin. Trump promised during his campaign that if he returned to the White House, he would ensure that the federal government would never sell its bitcoin holdings, although the order issued Thursday did not mention bitcoin.

“If elected, it will be the policy of my administration, the United States of America, to retain 100% of all bitcoins that the US government currently owns or acquires in the future.” he said in July In a keynote speech at a Bitcoin conference in Nashville, Tennessee.

The order goes on to outline other key priorities for the digital assets industry, including protecting individuals and private sector companies that use blockchain networks from “persecution.” The document stipulates some protections for developers and miners, noting that they should be able to “freely develop and deploy software” as well as “participate in mining and validation,” referring to the technicians who secure the Bitcoin network.

The president also pledged to defend the rights of those who choose to self-custody their digital assets. This means that they are not dependent on a central entity e.g Coinbase To hold their tokens and use personal cryptocurrency wallets instead, which are sometimes outside the scope of the Internal Revenue Service.

The order emphasizes strengthening the sovereignty of the US dollar by supporting the growth of legitimate, dollar-backed stable currencies globally.

Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector.

Paul Atkins has been nominated to chair the Securities and Exchange Commission. Atkins, a former commissioner of the Securities and Exchange Commission, is known for his advocacy of pro-market policies and opposition to stringent regulation. If confirmed, it will succeed Gary Genslerwhose strict enforcement of cryptocurrency regulations has made him a divisive figure in the industry.

Earlier this week, the SEC announced the formation of a new “Cryptocurrency Task Force” led by Commissioner Hester Peirce. Pearce, who has been dubbed “Crypto Mom” for her outspoken support of cryptocurrencies, has long advocated for a regulatory framework that fosters innovation rather than hinders it.

Scott Besent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department. Besant attended Crypto ball On Friday in Washington, an event brought together lawmakers, Cabinet appointees and industry leaders and underscored the administration’s plan to make the United States a global leader in digital asset innovation.

“The war on cryptocurrencies is over,” Sachs told the audience in a packed Mellon Auditorium on Friday night.

“This is just the beginning of America reclaiming its position as a world leader in innovation,” Sachs said.