President Donald Trump has announced the formation of a working group focused on digital assets, aimed at exploring a federal regulatory framework for cryptocurrency and assessing the creation of 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. 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.”
This working group will consist of the Secretary of the Treasury, Attorney General, and Secretary of Commerce. Within 180 days, they are expected to submit a report detailing regulatory and legislative proposals for the sector.
One focus of the group will be on creating and maintaining a national digital asset stockpile, which could potentially include cryptocurrencies seized by the federal government. Additionally, Trump has taken steps to prevent the establishment of a digital dollar, directing government agencies to refrain from any actions aimed at creating, issuing, or promoting CBDCs, and to terminate any ongoing projects related to this matter.
The executive order also emphasizes the importance of ensuring that cryptocurrency firms have access to banking services, advocating for “fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike.”