United States President Donald Trump has ordered the creation of a working group to draft new cryptocurrency regulations, ending Biden administration policies and paving the way for a national crypto stockpile.
Trump’s executive order will task officials including the Treasury Secretary, Attorney General, and head of the Securities and Exchange Commission with determining new cryptocurrency asset policies.
“The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts,” the executive order said.
The group is also intended to propose plans for cryptocurrency market structure, oversight, consumer protection, and risk management. Its first report is due in 30 days.
This policy overturns previous directives by the Biden administration, which saw the Federal Reserve research a potential U.S. central bank digital currency. Under this order, central bank digital currencies cannot be established or circulated in the U.S.
Trump first said his administration would create a “strategic national Bitcoin stockpile” in July.
Trump has both allied with and participated in the cryptocurrency industry. Crypto companies including Coinbase, Circle, and Ripple donated to Trump’s inauguration events.
The president and First Lady Melania Trump each released cryptocurrency meme coins shortly before the inauguration. CIC Digital, a Trump-owned company, owns around 80% of Donald Trump’s meme coin stock, which former White House officials flagged as a major ethics concern.
Trump launched a cryptocurrency company called World Liberty Financial in September, along with his two eldest sons. World Liberty Financial sells a token known as $WLFI.
The U.S. Senate will also convene a new panel focussing on digital assets like cryptocurrency, its incoming chair Senator Cynthia Lummis said today.
