Trump welcomes EO about the digital currency in innovation in the encrypted currency

President Trump signed today Executive order is supportive of the digital currency Establishing the president’s work team on digital assets markets within the National Economic Council, with the aim of supporting innovation and providing organizational clarity of digital currencies and relevant technology. CEI Director for Financial Policy John Birlaau He praised this step.

The new executive order of President Trump on “strengthening US leadership in digital financial technology” defines an organizational framework that welcomes innovation in cryptocurrencies and – from the words of the Special Employers Organization – “blocks chains without permission”. This approach contradicts the entire government’s agenda to combat encrypted currencies of the Biden Administration, where the Securities and Exchange Commission launched a punitive organization by implementation against legitimate cryptocurrencies, and the pressure of banking organizers such as FDIC Security Corporation (FDIC) pressed traditional financial institutions to reduce them. Outside services for individuals and companies in the encrypted currency sector.

Trump’s executive office, against financial organizational organizational bodies, calls for a commitment to “take transparent decisions and well -defined regulatory borders, all of which are necessary to support a vibrant and comprehensive digital economy and innovation in digital assets.”

The powerful work organization is also in canceling the executive order of the 2022 Baiden administration, which encouraged the government to develop a digital currency of the Central Bank (CBDC) and in taking a firm position against the digital currencies of central banks by any government ministry, noting that the digital currencies of central banks threaten Privacy and innovation.

The executive office wisely leaves the details of the proposed stock of encrypted currencies – or reserve – for more study by the president’s working group on the digital asset markets established by the Executive Office. As I wrote, it may be wise to have stocks of the cryptocurrency already owned by the government, but the government’s luxurious plans to obtain a large share or the supply of bitcoin or any other encrypted currency will be tantamount to harmful and deformed support for the market and can frustrate innovation in the encryption sector.

My colleagues at the CEI Institute are looking to have a dialogue with the president’s work group on removing the routine that prevents innovation in the encrypted currency sector.

Related analysis:

Forbes, “The Securities Authority and the next stock exchange must regain the task of forming capital”

CEI Blog, “Caution is required on Bitcoin Strategic Reserves”

Usa Today, “Biden’s executive on cryptocurrencies may kill financial innovation of encrypted currencies.”