US President Donald Trump has issued an executive order establishing the Presidential working group on digital asset markets.
The move signals progress on some key commitments, such as halting federal efforts toward CBDCs and granting high-profile pardons. However, certain elements, like the promised creation of a “strategic national Bitcoin stockpile,” remain notably absent or vague, leaving questions about the full scope and direction.
Trump Advances Digital Finance Agenda
According to Fox reporter Eleanor Terrett’s latest update, the working group, if established, is tasked with developing a Federal regulatory framework for digital assets, including stablecoins, and assessing the creation of a strategic national digital assets stockpile.
This stockpile in question, however, does not mention Bitcoin despite Trump’s campaign promise at a Nashville BTC conference in July to create a “strategic national Bitcoin stockpile” using the over $20 billion worth of BTC seized by the Justice Department. Several Bitcoin maximalists pointed this out, with some suggesting that the stockpile should only consist of BTC.
Meanwhile, the working group, chaired by White House AI & Crypto Czar David Sacks, will include top officials such as the Treasury Secretary, SEC Chairman, and leaders from other key agencies. The AI & Crypto Czar will consult leading industry experts to ensure informed decision-making.
Crypto Campaign Promises
The executive order also directs federal departments and agencies to identify and recommend modifications or rescissions of existing regulations affecting the digital assets sector. It also revokes the Biden administration’s Digital Assets Executive Order and the Treasury’s international engagement framework, citing their negative impact on innovation and US economic leadership.
Interestingly, the order prohibits any federal action to establish or promote central bank digital currencies (CBDCs). As part of his campaign promises to the crypto industry, Trump had previously pledged to order federal agencies to cease any efforts toward developing CBDC. He also fulfilled his promise to grant a full and unconditional pardon to Ross Ulbricht, who operated the dark web marketplace Silk Road.
While Trump’s executive order represents significant steps toward his digital finance goals, the authority of U.S. presidents to enact certain laws and policies through executive orders remains contentious.
For example, Trump previously issued an order to revoke birthright citizenship under the 14th Amendment, which Judge Coughenour, a Reagan appointee, declared “blatantly unconstitutional.” The judge criticized the Justice Department’s defense and expressed disbelief that legal professionals could support such a directive.
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