President Donald Trump signed an executive order establishing the Presidential Working Group on Digital Asset Markets, tasking it with evaluating the creation of a “strategic national digital assets stockpile” and developing a comprehensive federal regulatory framework for digital assets.
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Key Details
- The group will be chaired by Trump-appointed crypto czar David Sacks and include top officials like the Treasury Secretary, Attorney General, and SEC Chair.
- The proposed reserve could utilize cryptocurrencies lawfully seized by the federal government, with additional deliberation on acquiring more assets over time.
- The executive order calls for the responsible growth of digital assets, ensuring individuals can use public blockchain networks for lawful purposes without persecution, and safeguarding self-custody rights.
Issues to Address
The working group will also address key issues like stablecoin regulation and open banking access, reflecting crypto firms’ longstanding complaints about “debanking.”
- The Trump administration emphasized the importance of digital assets in innovation, economic development, and U.S. international leadership.
Trump Bans CBDCs
- Trump’s order bans the use of a central bank digital currency (CBDC) in the U.S., fulfilling yet another election promise.
Speculations
Crypto Moves Under Trump:
This development follows other pro-crypto measures, including:
This article is published on BitPinas: Quick Take: Trump Forms Group to Explore US Crypto Reserve, Bans CBDCs
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