Donald Trump signed an order to change the US approach to digital assets, creating a working group but excluding the Federal Reserve and the FDIC.
Composition and Tasks of the Working Group
The executive order established a working group comprising key officials like the Treasury Secretary, Attorney General, SEC Chair, CFTC Chair, and other agency leaders. However, the Federal Reserve and FDIC are excluded. The order bans the creation and use of US Central Bank Digital Currencies, opting instead to explore creating national crypto reserves and developing a rule for stablecoins.
Changes in Crypto Policy
Caitlin Long, founder and CEO of Custodia Bank, explained that this order could end the crypto industry's efforts to escape government control. She noted that the absence of the Federal Reserve and FDIC from the working group suggests future US stablecoin laws might not fall under central bank governance. The order is part of the US strategy to be a leader in cryptocurrency, showing the government's commitment to creating rules that encourage innovation while maintaining financial stability.
Changes in Crypto Community Expectations
There is a growing hope for a more favorable crypto ecosystem in the US. Enthusiasts expect significant regulatory shifts, although Greg Cipolaro of the New York Digital Investment Group urges caution, stating that immediate policy changes are unlikely due to the lengthy process of confirming new personnel.
Trump's executive order underlines the US ambition to lead the global crypto economy, anticipating a more dynamic regulatory environment suitable for the crypto industry.