Biden Reverses Trump Executive Order on Cryptocurrency
President Biden has signed an executive order repealing a Trump-era executive order on cryptocurrency. The new order creates a presidential task force to evaluate the potential creation of a national digital asset stockpile and propose criteria for establishing such a stockpile.
The task force will be led by White House AI and crypto czar David Sacks and include the Treasury Secretary, SEC Chair, and other financial regulatory officials. The task force will develop a federal regulatory framework for crypto markets and submit a report to the President with regulatory and legislative proposals within 180 days.
The new order also rescinds a March 2022 executive order from President Trump that called for a study of crypto assets and encouraged agencies to take steps to reduce risks posed by digital assets.
The order has been met with mixed reactions from the crypto industry. Some industry leaders have praised the order as a step towards clear regulation, while others have expressed disappointment that the order does not authorize the immediate creation of a national bitcoin stockpile.
Key Points:
* President Biden has signed an executive order repealing a Trump-era executive order on cryptocurrency.
* The new order creates a presidential task force to evaluate the potential creation of a national digital asset stockpile.
* The task force will develop a federal regulatory framework for crypto markets and submit a report to the President within 180 days.
* The order has been met with mixed reactions from the crypto industry.