President Donald Trump has initiated a working group focused on digital assets to explore the development of a federal regulatory framework for cryptocurrency and assess the possibility of establishing a national digital asset stockpile.
In a digital financial technology executive order, Trump stated, “The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.” He added, “It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
The newly formed working group will comprise the Secretary of the Treasury, the Attorney General, and the Secretary of Commerce. This group is expected to present a report with regulatory and legislative proposals for the sector within 180 days.
One area of focus will be the potential creation and maintenance of a national digital asset stockpile, which could include cryptocurrencies seized by the federal government. Additionally, Trump has taken steps to prevent the establishment of a digital dollar, directing government agencies to cease any actions aimed at creating, issuing, or promoting central bank digital currencies (CBDCs) and to halt any ongoing efforts related to this matter.
The executive order also aims to ensure that cryptocurrency firms have access to banking services, emphasizing the need to “protect and promote fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike.”