- Trump signs order to create a national digital asset stockpile to boost US leadership in crypto finance.
- New working group will develop regulations for digital assets and oversee the national crypto stockpile.
- The order bans federal agencies from creating central bank digital currencies under the new crypto strategy.
US President Donald Trump has signed an executive order aimed at developing a national digital asset stockpile. This move emphasizes the administration’s focus on strengthening the country’s leadership in digital finance. A White House press release outlined key initiatives, including forming a Presidential Working Group on Digital Asset Markets.
The new working group will oversee the creation of the national stockpile and develop a federal regulatory framework for digital assets. This includes governing cryptocurrencies, such as stablecoins. Experts believe this step could shape the future of digital asset management and enhance market oversight.
Presidential Working Group to Lead Efforts
The working group will be chaired by David Sacks, the White House AI and Crypto Czar. Other members will include the Treasury Secretary, the Chairman of the Securities and Exchange Commission, and heads of relevant federal agencies. They will collaborate with stakeholders in the crypto industry to ensure the stockpile aligns with industry expertise and innovation.
The executive order explicitly prohibits federal agencies from establishing or issuing central bank digital currencies (CBDCs). This prohibition marks a shift in the administration’s digital asset strategy, contrasting with prior government policies.
Previous Policies Revoked
Trump’s order revokes the prior administration’s Digital Assets Executive Order. It also nullifies the Treasury Department’s Framework for International Engagement on Digital Assets. This move aligns with Trump’s stated goal to position the United States as a global hub for cryptocurrencies and artificial intelligence.
Industry Reactions and Speculations
The executive order has prompted discussions about the president’s vision for a strategic Bitcoin reserve. Industry analysts clarified that the term “stockpile” might not imply plans for significant Bitcoin purchases. Instead, it could refer to managing existing digital asset holdings.
Some experts view the development as a step toward broadening crypto adoption in the United States. Others remain cautious, suggesting that details on implementation and objectives will determine its long-term impact.
The announcement has also sparked optimism within the crypto industry. Key figures have noted the potential for this stockpile to enhance the nation’s digital finance ecosystem. Many now await further clarification on its implications.
