- President Trump finally signs a crypto executive order to change the face of the crypto industry in the US.
- A Presidential Working Group, chaired by David Sacks, is tasked to develop a regulatory framework on crypto and evaluate the creation of a crypto reserve.
- The executive order revokes all the previous orders that suppressed innovation and development of digital finance in the US.
President Donald Trump finally put an end to the long wait of the crypto industry and signed a crypto executive order to make the US a crypto-friendly country. The much-awaited executive order is here to fulfill the promise of Trump to make the “US a crypto capital of the planet.”
It’s been a few days since Donald Trump’s inauguration as the 47th President of the US. And, the entire crypto community was growing impatient waiting for a new executive order on crypto. Around 3 days after Trump took responsibility as the President, he took a step forward to change the face of the industry in the US.
As per the latest update from the US White House, Donald Trump officially signed the crypto executive order. Diving into the details, it establishes a Presidential Working Group to bolster the crypto industry in the US and make the country a global leader of crypto.
From developing a regulatory framework on crypto to evaluating the creation of a “strategic national digital assets stockpile,” the working group is responsible for multiple tasks around the crypto industry. The White House AI & Crypto Czar David Sacks leads the Working Group, along with the Secretary of Treasury, the Chairman of the SEC, and heads of other relevant departments.
Trump’s Crypto Executive Order Revokes Previous Digital Asset Framework
Apart from establishing a Working Group to pave the way for the future of digital assets in the US, the executive order revokes previous digital asset frameworks. Furthermore, it strictly prohibited the issuance and promotion of Central Bank Digital Currencies(CBDCs).
Former President Joe Biden issued an executive order on crypto in 2022, which didn’t help the industry to grow and thrive in the US. The present government is set to revoke these frameworks because they suppressed the innovation and hindered US capabilities to become a global leader in digital assets.
The present crypto executive order plays a pivotal role in strengthening the crypto industry in the US. It will not only impact the growth and development of the crypto space in the country but also influence the overall industry adoption across other global countries.
Nonetheless, Trump is finally taking steps towards making the US a global leader in crypto innovation and regulation. On the other hand, the US SEC canceled the SAB 121 rule, improving the regulatory landscape of cryptocurrencies.
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