Trump Launches Cryptocurrency Working Group to Strengthen US Leadership in Digital Assets
In a move to solidify the United States’ position as a global leader in digital finance, President Donald Trump
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In a move to solidify the United States’ position as a global leader in digital finance, President Donald Trump has signed an executive order aimed at creating a national cryptocurrency stockpile and establishing a comprehensive framework for digital asset policy.
The executive order, titled “Strengthening American Leadership in Digital Financial Technology,” emphasizes the importance of promoting innovation while safeguarding economic liberty. “The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our nation’s international leadership,” the document states.
A Vision for the Crypto Capital
Trump, who has previously pledged to make the US the “crypto capital” and described himself as a “crypto president,” reiterated his commitment to advancing the sector. The order outlines policies to support the responsible growth of digital assets, blockchain technology, and related innovations across all sectors of the economy.
New Working Group on Digital Assets
A key provision of the order is the establishment of a Working Group on Digital Asset Markets, chaired by a Special Advisor for AI and Cryptocurrency. In December, Trump appointed venture capitalist David Sacks as his crypto and AI ‘czar.’ Sacks, a prominent billionaire investor, joined Trump in the Oval Office for the signing of the order.
The working group will serve as an advisory council, providing recommendations on digital asset policy, collaborating with Congress on cryptocurrency legislation, and exploring the feasibility of a national cryptocurrency stockpile.
National Cryptocurrency Stockpile
The proposed cryptocurrency stockpile could include digital assets lawfully seized by federal law enforcement. In recent years, agencies such as the Department of Justice have confiscated billions of dollars in cryptocurrencies tied to criminal activities, including cybercrime and drug trafficking. Previously, these seized assets were auctioned, with proceeds going to the Treasury.
In a speech at the Bitcoin Conference in Nashville, Tennessee, Trump declared: “If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the US government currently holds or acquires in the future.”
Supporting Dollar-Backed Stablecoins
The executive order also highlights the importance of promoting the sovereignty of the US dollar. It advocates for the growth of legitimate, dollar-backed stablecoins as a means to bolster the nation’s financial system.
Shifting Stance on Crypto
While Trump was a vocal critic of cryptocurrencies during his first term, his stance shifted during his last campaign, where he garnered significant support and contributions from the crypto industry.
This approach marks a stark contrast to the previous administration. Former President Joe Biden’s government had taken a cautious stance on digital assets, prioritizing stricter regulations to prevent fraud and money laundering. The Biden administration had supported enhanced oversight by the Securities and Exchange Commission (SEC).
Trump’s executive order signals a new chapter for the US in digital finance, aiming to position the nation at the forefront of cryptocurrency innovation while safeguarding its economic interests.
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