Trump tells crypto team to draft new rules, explore US stockpile
“Hello bitcoiners!” He courted cryptocurrency fans during his election campaign. “If crypto is going to define the future, I want to be mined, minted and made in the USA, and it’s going to be .” Now Donald Trump is taking steps to deliver on his promise to be a “crypto president.”
President Donald Trump‘s executive order on cryptocurrency seeks to jumpstart government regulation that can help make the U.S. “crypto capital of the planet.”
Trump – who campaigned as the “crypto president” – passed the order on Thursday night. It calls for the creation of a cryptocurrency working group to propose new digital asset regulations and to look into the creation of a national cryptocurrency stockpile.
As a result, cryptocurrencies like Bitcoin will likely become more mainstream and possibly used for payment just like credit and debit cards.
“This means that cryptocurrency and digital assets are being given legitimacy by our federal government,” Amy Lynch, a former regulator with the U.S. Securities and Exchange Commission and founder and president of financial consulting firm FrontLine Compliance, told USA TODAY. “Once regulation is in place and the new executive orders are carried out (if not changed substantially by the Working Group) then cryptocurrency transactions in the USA will multiply exponentially.”
Regulation will provide “a massive relief for everyday crypto users,” Yesha Yadav, a professor specializing in financial regulation at Vanderbilt Law School, told USA TODAY. “What this promises is something that has really been missing, which is a workable, reliable, thoughtful set of guardrails they can provide some basic protections to those who are in the crypto market.”
What else is in the President Trump’s executive order on cryptocurrency
The order establishes a Digital Asset Markets working group. They include: the Treasury secretary (nominee Scott Bessent is awaiting a full chamber vote on his nomination), White House A.I. and Crypto Czar David Sacks, and the chairman of the Securities and Exchange Commission (Trump has nominated former SEC commissioner Paul Atkins), along with “heads of other relevant departments and agencies.”
The group is charged with developing a regulatory framework for digital assets, according to the order. That includes stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar.
For those who have invested in cryptocurrencies, the “lack of basic protection” can be “very, very costly,” Yadav told USA TODAY. “What has been missing … for those who are using things like stablecoins (is) knowing with certainty that the assets backing those stablecoins are actually there and the issuers are good for their claims.”
Also among the task group’s tasks: investigate establishing a digital stockpile, which could include assets…
Read More: President Trump creates crypto task force, wants digital stockpile
