President Trump Signs Executive Order on Cryptocurrency Regulation and Potential Stockpile
On Thursday, President Donald Trump signed an executive order addressing two key cryptocurrency-related pledges:
* Establishment of a Presidential Working Group: The order creates a working group to coordinate the development of clear regulations for the digital asset industry.
* Prohibition of Central Bank Digital Currencies (CBDCs): The order prohibits the establishment of CBDCs by the Federal Reserve.
Potential National Digital Asset Stockpile
While the order did not authorize the immediate creation of a "strategic national bitcoin stockpile," it mandates the working group to:
* Evaluate the potential creation and maintenance of a national digital asset stockpile.
* Identify criteria for such a stockpile, potentially including cryptocurrencies seized by law enforcement agencies.
Revocation of Biden's Executive Order and Pro-Crypto Stance
The order revokes a 2022 executive order by President Biden calling for a government study on crypto assets. Trump also reiterated his support for the crypto industry during a recent speech at the World Economic Forum.
Presidential Working Group Responsibilities
The working group will:
* Identify and review existing crypto-related regulations within 30 days.
* Submit recommendations on those regulations within 60 days.
* Submit a report to the President within 180 days with regulatory and legislative proposals.
Industry Reaction
Some in the crypto market have expressed mixed reactions to the executive order, with some hoping for more decisive action. However, many view the President's pro-crypto stance as a positive sign for the industry's future.