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U.S. President Donald Trump has issued an executive order establishing a cryptocurrency working group to propose new regulations and explore a national cryptocurrency stockpile. This move underscores his promise to overhaul U.S. crypto policy and bolster digital asset innovation.
The order safeguards banking services for crypto companies, addressing claims that regulators pressured lenders to sever ties with the sector. It also bans the creation of central bank digital currencies (CBDCs) to prevent competition with existing cryptocurrencies. Additionally, the U.S. Securities and Exchange Commission (SEC) rescinded costly accounting guidance that previously hindered crypto adoption.
Trump's pro-crypto stance contrasts sharply with former President Joe Biden's administration, which aggressively regulated the industry. Major crypto exchanges like Coinbase and Binance faced lawsuits under Biden’s tenure, alleging regulatory violations, though the companies denied wrongdoing.
The industry has welcomed the order as a landmark policy shift. Anchorage Digital CEO Nathan McCauley praised the administration’s "whole-of-government approach" to crafting clear regulations.
The working group, led by crypto and AI czar David Sacks, includes the Treasury secretary and chairs of the SEC and Commodity Futures Trading Commission. It will define regulatory frameworks for digital assets, including stablecoins, and evaluate the creation of a national digital asset reserve from lawfully seized cryptocurrencies.
Bitcoin hit a record high of $109,071 on Monday before dipping to $103,000 after the order’s announcement, reflecting investor optimism. Senator Tim Scott lauded Trump’s efforts to maintain U.S. leadership in digital asset innovation.
If enacted, the order could mainstream cryptocurrencies and establish the U.S. as a global crypto hub, signaling a fresh chapter for the industry.
