US President Donald Trump has signed the first Executive Order targeting the crypto industry in his first week in office
The 47th President of the United States (POTUS), Donald Trump, has signed his first crypto-related executive order.
The document is titled “Strengthening American Leadership in Digital Financial Technology.” By taking this move on January 23, President Trump has formally established a Presidential Working Group on Digital Asset Markets.
Also, he has laid the groundwork for exploring some of the promises he made during his campaign. One such promise is establishing a national stockpile of digital assets.
The Presidential Working Group on Digital Asset Markets
The Presidential Working Group on Digital Asset Markets’ core responsibility is to advise Trump on crypto policies and other related subjects.
In the preceding months, the 78-year-old politician already hinted at the potential for Silicon Valley venture capitalist David Sacks to lead the bloc. Sacks is the White House’s first-ever “AI and crypto czar.”
One-time Republican congressional nominee and former college football player Bo Hines is charged with managing the group’s day-to-day operations.
The Secretary of the Treasury, heads of the SEC and CFTC, and other departments and agencies are billed to join the group. Key players in the crypto sector and several CEOs will also be part of the council.
Priority may be given to those industry players who contributed to Trump’s campaign and inaugural fund. Notably, the Presidential Working Group on Digital Asset Markets has no real authority. Currently, it is limited to just offering advice to Trump and Congress, who still have the autonomy to decide.
Nations of the World Explore Bitcoin Reserve
Part of the function of the newly launched group is to explore the premise of a “strategic national digital assets stockpile.”
This rests on Trump’s plan to establish a Bitcoin national reserve in the United States. Reasonably, Senator Cynthia Lummis has been at the helm of this matter, seeking the introduction of legislation promoting its actualization.
Aside from the US, EU lawmakers are also clamoring for a Bitcoin strategic reserve. Less than two weeks ago, Bhutan revealed plans to hold Bitcoin, Ethereum (ETH), Binance Coin (BNB), and other digital assets as part of its reserves. This signals the country’s growing acceptance of cryptocurrency and blockchain technology.
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