The Trump administration has taken a significant step towards promoting the growth and development of cryptocurrencies in the United States with President Donald Trump signing an executive order aimed at advancing the digital asset industry.
Executive Order Promotes Crypto Development and National Digital Asset Stockpile
The Trump administration has taken a significant step towards promoting the growth and development of cryptocurrencies in the United States. On Thursday, President Donald Trump signed an executive order aimed at advancing the digital asset industry and potentially creating a national digital asset stockpile.
A Shift in Policy
Trump’s policy shift on cryptocurrency is notable, given his previous criticism of the sector during his first administration. However, he campaigned on a more favorable message in 2024, which resonated with the industry. Crypto investors, companies, and executives played a significant role in contributing to Trump’s re-election campaign, with some donating tens of millions of dollars.
Key Priorities
The executive order outlines several key priorities for the digital asset industry, including:
- Establishing technology and rules around crypto development in the U.S.
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Creating a working group to consider a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts
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Protecting individuals and private sector companies that use blockchain networks from “persecution”
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Defending the rights of those who choose to self-custody their digital assets
Promoting Sovereignty of the U.S. Dollar
The order also emphasizes promoting the sovereignty of the U.S. dollar by supporting the growth of legitimate, dollar-backed stablecoins globally.
New Appointments and Regulatory Clarity
Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector. Paul Atkins has been nominated to chair the Securities and Exchange Commission, while Scott Bessent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department.
The SEC has also announced the formation of a new “crypto task force,” led by Commissioner Hester Peirce, who has long championed a regulatory framework that fosters innovation rather than hindering it.
