President Donald Trump on Thursday signed an executive order aimed at clarifying the rules in the crypto industry to "consolidate America's position as a global leader in the digital asset economy." This is reported by FOX Business, UNN reports.
Trump's executive order establishes a Presidential Working Group on Digital Asset Markets to develop a federal regulatory framework for digital assets, including stablecoins, and to evaluate the creation of a strategic national digital asset reserve. It will be headed by the White House Chief of Staff for Artificial Intelligence and Cryptocurrencies and will include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission (SEC), and other heads of relevant departments and agencies
In addition, the executive order prohibits agencies from creating, issuing, or promoting central bank digital currencies and orders other federal agencies and departments to provide the group with recommendations on digital asset regulations that should be rescinded or modified. It also rescinds the Biden administration's digital assets executive order on international participation in the industry.
"President Trump will help transform the United States into a digital financial technology center by ending the aggressive enforcement actions and regulatory overreach that stifled crypto innovation under previous administrations," the White House said in a statement.
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Donald Trump said that he plans to create a strategic reserve of bitcoin in the United States, similar to the strategic reserve of oil.