President Donald Trump has signed an executive order to strengthen the US's position in the global cryptocurrency industry. This move includes the creation of a stringent regulatory framework for digital assets and an emphasis on blockchain technology innovation.
Formation of the Digital Asset Working Group
The order establishes a Presidential Working Group tasked with developing a federal regulatory framework. This group will address issues related to stablecoins, security tokens, and DeFi platforms to ensure regulatory clarity while fostering an innovative environment.
Prohibition of CBDC and Bitcoin Reserve
The order prohibits the development of Central Bank Digital Currencies (CBDC) and introduces the concept of a Strategic National Digital Assets Stockpile with the use of seized 210,000 BTC. This represents a shift in the US financial strategy by emphasizing Bitcoin as a strategic asset.
Steps to Support Crypto Growth
The Trump Administration is actively supporting the development of cryptocurrency projects by lowering market barriers. The SEC has also formed a task force to establish clear regulatory norms. In addition, Ross Ulbricht has been pardoned, indicating a shift in the approach to past crypto controversies.
Through this order and supporting initiatives, the Trump administration aims to create a favorable environment for the growth of the cryptocurrency industry in the US, bolstering confidence in digital assets.
