Trump Signs Cryptocurrency Executive Order: Evaluating the Creation of a National Digital Asset Reserve, Banning CBDC

PANews reported on January 24 that according to Fox Business News, Trump signed an executive order to establish the President’s Digital Asset Market Working Group. The task of the working group is to formulate a regulation for the management of digital assets (including stablecoins). federal regulatory framework and evaluate the creation of a strategic national digital asset reserve. The working group will be chaired by White House “AI and Cryptocurrency Czar” David Sacks, and its members include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies. The executive order directs the departments to make recommendations to the task force on any regulations and other agency actions affecting the digital asset sector that should be rescinded or modified. In addition, the executive order prohibits agencies from taking any action to establish, issue or promote a central bank digital currency (CBDC). The executive order also revoked the previous government’s “Digital Asset Executive Order” and the Treasury Department’s “Digital Asset International Participation Framework,” saying that these two executive orders suppressed innovation and harmed U.S. economic freedom and global development in the field of digital finance. leadership position.