President Donald Trump signed an executive order Thursday banning federal agencies from creating, issuing, or promoting central bank digital currencies.
of presidential order It also established the President’s Task Force on Digital Asset Markets, tasked with developing a comprehensive federal regulatory approach to digital assets, creating guidelines for stablecoins, and considering the possibility of establishing a National Strategic Digital Asset Reserve. Masu. AI and crypto czar David Sachs will chair the group, which will include leaders from the Treasury Department, the Securities and Exchange Commission, and other relevant agencies.
“The digital asset industry plays a critical role in American innovation and economic development and in our nation’s international leadership,” the order states. “Therefore, it is the policy of my administration to support the responsible growth and use of digital assets.”
🚨 Now: Donald Trump signs executive order to make America the “crypto capital of the world.” pic.twitter.com/UELJCDvGeb
— Cointelegraph (@Cointelegraph) January 23, 2025
The executive order requires all federal agencies and departments to submit recommendations to the group regarding the revocation or modification of existing digital asset regulations. It also explicitly repeals the Biden administration’s previous executive order framework governing international engagement in the digital asset industry.
The move comes after the president pledged at the annual meeting to make the United States “the crypto asset of the planet,” and likened the digital asset industry to the “steel industry of 100 years ago.” bitcoin conference In July.
Trump’s friendship with cryptocurrencies continues in his footsteps I’m saying In 2019, it was argued that digital assets are “not money” and “based on nothing.” He said he would become increasingly friendly with the industry throughout the 2024 presidential campaign and promote a more crypto-friendly regulatory environment in the US.
I’m not a fan of Bitcoin or other cryptocurrencies. These are not money and their value is highly volatile and based on thin air. Unregulated cryptoassets can facilitate illegal activities, including drug trafficking and other illegal activities.
— Donald J. Trump (@realDonaldTrump) July 12, 2019
President Trump announced his foray into the cryptocurrency market on Friday after launching the meme coin $TRUMP, which has increased the president’s net worth by tens of billions of dollars.
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