In a landmark move for the crypto industry, Donald Trump has signed an executive order to establish a dedicated working group focused on digital assets.
Establishment of the Working Group
President Trump signed an Executive Order establishing the Presidential Working Group on Digital Asset Markets, aimed at bolstering U.S. leadership in digital finance, according to Fox Business reporter Eleanor Terrett. The Working Group will develop a Federal regulatory framework for digital assets, including stablecoins, while evaluating the feasibility of a national digital assets stockpile.
Composition and Task of the Group
The group will be chaired by David Sacks, White House AI & Crypto Czar, and will include key officials such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, alongside other agency heads. The Executive Order mandates collaboration with industry experts to ensure the policies are informed by cutting-edge insights beyond the Federal Government. It also directs agencies to review and recommend changes to existing regulations impacting the digital asset sector. The order prohibits any Federal action to create or promote central bank digital currencies.
Parallel SEC Initiatives
In tandem with the executive order, the U.S. SEC announced the formation of a cryptocurrency task force. This group is tasked with creating a regulatory framework that provides legal clarity for crypto assets, addressing longstanding industry concerns about ambiguous regulations. The executive order also repeals the Biden Administration’s Digital Assets Executive Order and the Treasury Department's international framework, citing concerns over their restrictive impact on innovation and U.S. economic competitiveness in global digital finance, according to Terrett.
With this executive order, the Trump administration signals an intent to strengthen U.S. positions in global digital finance and foster innovation in the sector.
