U.S. President Donald Trump has signed an executive order to form a Digital Asset Working Group aimed at developing a federal regulatory framework for cryptocurrencies.
Creation of the Digital Asset Working Group
The working group includes the Treasury Secretary, Attorney General, Commerce Secretary, and heads of the SEC and CFTC. It is chaired by David Sacks, designated as the White House AI and Crypto Czar. The group has a six-month deadline to produce recommendations on a federal regulatory framework concerning market structures and legislative proposals involving digital assets.
Focus: Stablecoins, Digital Dollar, and Strategic Assets
A key focus for the group is to explore how to classify digital assets as securities, commodities, or collectibles. The integration of stablecoins into the financial system is also a primary consideration, along with the potential for creating a digital dollar and a national asset stockpile that could support the economy.
David Sacks' Statement on Stablecoins
David Sacks stated that stablecoins could serve as a better alternative to national digital currencies, which he criticized as threats to financial freedom. He mentioned that digitizing the U.S. dollar could increase demand for U.S. Treasuries and reduce national debt pressures.
The Digital Asset Working Group is set to begin its operations to strengthen the nation's leadership in digital finance.