It's official: Trump's first crypto executive order helps set the path towards campaign promises like a Bitcoin stockpile, self-custody protections, and a CBDC ban.
It finally happened: Donald Trump signed the very first crypto executive order on Thursday, laying the groundwork for potentially transformative regulation while also paving the way for some of his biggest crypto campaign promises.
Titled “Strengthening American Leadership in Digital Financial Technology,” the executive order authorizes the creation of the Presidential Working Group on Digital Asset Markets, which will be led by “AI and crypto czar” David Sacks.
The group is tasked with various initiatives, including exploring the potential for a “national digital asset stockpile.” Trump boasted of plans for a Bitcoin stockpile back at Bitcoin 2024 in Nashville last summer, and various states have started considering their own local legislation—but interestingly, the order doesn’t mention Bitcoin by name.
The order also touches on topics like the ability to legally transact, self-custody, and mine crypto assets—and prohibits the creation of a central bank digital currency, or CBDC, a favored target of privacy-minded Republicans in recent years.
Bitcoin spiked above $106,000 earlier Thursday amid anticipation over Bitcoin stockpile news, stoked by social media posts from Senator Cynthia Lummis, but has since fallen to about $104,000 after the order was signed.
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💬 Quote of the Day
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“The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference.”
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