President Trump signed an executive order Thursday, setting the stage for a more favorable regulatory environment for the cryptocurrency industry in the US. The order aims to solidify the US's position as a global leader in the digital asset economy by establishing a federal regulatory framework for digital assets, including stablecoins, and exploring the creation of a national digital asset stockpile.
President Donald Trump signed an executive order on Thursday aimed at clarifying regulations within the cryptocurrency industry. The order seeks to solidify the United States' position as a global leader in the digital asset economy. Trump's executive order establishes the Presidential Working Group on Digital Asset Markets, tasked with developing a comprehensive federal regulatory framework for digital assets, including stablecoins.
The group will also evaluate the feasibility of creating a strategic national stockpile of digital assets. This working group will be chaired by the White House's AI and crypto czar and will include key figures such as the treasury secretary and the chairman of the Securities and Exchange Commission (SEC), alongside representatives from other relevant federal agencies.The executive order also prohibits federal agencies from establishing, issuing, or promoting central bank digital currencies (CBDCs). It directs these agencies to provide the working group with recommendations regarding existing digital asset regulations that should be rescinded or modified. Furthermore, it revokes the Biden administration's framework for international engagement on the cryptocurrency industry. The White House emphasized that President Trump will position the United States as a hub for digital financial technology by curbing aggressive enforcement actions and regulatory overreach that have previously hindered crypto innovation.This executive order follows Trump's campaign promise of a crypto-friendly regulatory approach. During his presidential campaign, he pledged to make the U.S. the 'crypto capital of the planet' and the 'bitcoin superpower of the world' if elected. Perianne Boring, founder and CEO of The Digital Chamber, lauded the development, stating that it provides crucial support for the cryptocurrency ecosystem after years of attempts to suppress it under the Biden administration. She highlighted the importance of government recognition and legitimization of this technology for both economic and national security. Former President Biden's administration, under then-SEC Chair Gary Gensler, had implemented a regulatory crackdown on the digital assets industry to address concerns about bad actors. With Gensler's resignation, Trump appointed SEC Commissioner Mark Uyeda, a Republican appointee, as the acting chair while his nominee, Paul Atkins, awaits Senate confirmation. Uyeda's initial action was to establish a new crypto task force led by GOP Commissioner Hester Peirce, known as 'Crypto Mom,' to foster dialogue with industry players and promote a more favorable regulatory environment. The task force aims to achieve this by clarifying regulatory lines, providing realistic registration pathways, establishing sensible disclosure frameworks, and effectively deploying enforcement resources. It will also coordinate its activities with other federal agencies, including the Commodity Futures Trading Commission (CFTC), which is poised to play a more prominent role in crypto regulation.Bitcoin prices saw a slight increase prior to the announcement, subsequently retracing slightly. Despite this, the largest cryptocurrency by market value remains above the $100,000 level, with a gain of over 10% this year
CRYPTOCURRENCY REGULATION EXECUTIVE ORDER DIGITAL ASSETS TRUMP ADMINISTRATION SEC Cbdcs PRESIDENTIAL WORKING GROUP UNITED STATES
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