US President Donald Trump has signed an executive order to establish a digital asset stockpile, according to a White House release. Indeed, the “crypto president” is delivering on his promise to Americans and crypto fans to prioritize the industry.
BREAKING:
President Trump signs crypto executive order to create a national digital asset stockpile, Fox reports.
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“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the release quoting Trump states. “It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy…”
During his campaign, Donald Trump spoke highly of cryptocurrency, even speaking at the 2024 Bitcoin Conference. He has already spoken with multiple crypto industry experts since he was elected last November. Additionally, multiple lawmakers and state officials introduced bills to launch strategic state Bitcoin reserves, in a move preparing for a national reserve. Furthermore, the 47th US President appointed Mark Uyeda as acting US Securities and Exchange Commission (SEC) chair.
With anti-crypto head Gary Gensler resigning, Uyeda has already made progress amid Trump’s emerging agenda. In his first days, he also announced the arrival of the agency’s inaugural Crypto Task Force. Now, a digital asset stockpile is being formed.
What Does the Digital Asset Stockpile Do?
Trump’s latest executive order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance. The Working Group will develop a Federal regulatory framework governing digital assets, including stablecoins, and evaluate the creation of a strategic national digital assets stockpile. In addition, the Working Group will be chaired by the White House AI & Crypto Czar David Sacks. It includes the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.
Within 30 days of the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Working Group, must identify all regulations, guidance documents, orders, or other items that affect the digital asset sector.
Within 60 days of the date of this order, each agency shall submit to the Chair recommendations concerning whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than regulations, adopted in a regulation.
In the first 180 days of the date of this order, the Working Group must submit a report to the President, through the APEP, which shall recommend regulatory and legislative proposals that advance the policies established in the order.
Banning CBDCs
Furthermore, the digital asset stockpile order directs departments and agencies to identify and make recommendations to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified. prohibits agencies from undertaking any action to establish, issue, or promote CBDCs: currencies that Trump has spoken against. “Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad,” the order reads. “Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.
JUST IN:
— Watcher.Guru (@WatcherGuru) January 23, 2025
In terms of consequences, the release says: “If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.”
Lastly, the executive order revokes the Biden Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets, according to Fox. The previous order suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance. Now, crypto is expected to thrive in value with institutional and national attention at an all-time high. While a strategic Bitcoin reserve is still not live, it is certainly on the cards with these latest crypto-regulation developments.
The stockpile will likely house multiple cryptocurrencies like Bitcoin and XRP. Although, no explicit crypto asset was mentioned in the order.