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Trump signs executive order on crypto, bringing the possibility of a strategic Bitcoin reserve closer to reality.
Photo: Carlos Barria
Key Takeaways
Trump issued an executive order establishing a Presidential Working Group on Digital Asset Markets, further moving closer to a strategic Bitcoin reserve. Speculation grows on a strategic Bitcoin reserve as Cynthia Lummis leads efforts in bipartisan digital asset legislation. <?xml encoding="UTF-8"?>President Donald Trump has signed an executive order establishing the Presidential Working Group on Digital Asset Markets.
The order, as reported by Fox Business journalist Eleanor Terrett, aims to develop federal regulations for digital assets, including stablecoins.
Additionally, the working group will evaluate the creation of a strategic national digital assets stockpile, fueling speculation about a potential Bitcoin reserve.
David Sacks, the White House AI & Crypto Czar, will chair the working group, which includes the Treasury Secretary and SEC Chairman.
The order explicitly bans federal agencies from promoting or establishing central bank digital currencies and reverses previous administration policies on digital assets.
The order’s mention of a potential national digital assets stockpile has sparked discussions about the establishment of a strategic Bitcoin reserve.
Adding to the momentum, Senator Cynthia Lummis was elected chair of the Senate Banking Subcommittee on Digital Assets earlier today.
Lummis announced that the subcommittee’s priorities include passing bipartisan legislation to promote responsible digital asset innovation and exploring the establishment of a strategic Bitcoin reserve.
She also vowed to conduct rigorous oversight of Federal financial regulators to prevent initiatives like Operation Chokepoint 2.0 from resurfacing.
Bitcoin responded to the news with a 2% increase to $106,300 before settling at $105,000. Trump, speaking via livestream at the World Economic Forum in Davos, stated that his administration aims to make the US “the world capital” of crypto.
The working group will engage with digital market experts to inform its decisions, while Lummis pledged to oversee federal financial regulators to prevent initiatives like Operation Chokepoint 2.0 from reemerging.
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