On Thursday, President Donald Trump signed an executive order for advancing cryptocurrency innovation in the U.S. and also exploring the creation of a national digital asset stockpile. Trump was joined by Venture capitalist David Sacks, who was recently appointed as crypto and artificial intelligence czar.
“The digital asset industry plays a crucial role in innovation, economic development, and maintaining America’s global leadership,” the order states.
The executive order focuses on developing technology and regulatory frameworks for crypto in the U.S. The order also proposes creation of a working group to evaluate a national digital asset stockpile, which could include cryptocurrencies lawfully seized by the government through enforcement actions. Historically, seized assets like Bitcoin, Ether, and Litecoin have been auctioned off by the US Marshals Service.
The executive order also prioritizes protections for the digital asset industry. It ensures developers and miners can freely create, deploy software, and participate in blockchain activities like mining and validating transactions. Trump emphasized safeguarding the rights of individuals who choose to self-custody their digital assets, allowing them to use personal crypto wallets rather than relying on centralized platforms like Coinbase.
Furthermore, the order highlights the importance of promoting the sovereignty of the U.S. dollar by supporting the global growth of legitimate, dollar-backed stablecoins, for strengthening dollar’s dominance in the digital economy. The order also aims to safeguard against the risks of CBDCs, and states, “taking measures to protect Americans from the risks of Central Bank Digital Currencies (CBDCs), which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.”
During his campaign, Trump pledged to make the US the crypto capital of the world, and the executive orders were signed to support that promise.
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