President Trump has signed an executive order to promote the growth of the cryptocurrency industry, signaling his intent to regulate a sector that faced criticism during the Biden administration. The order also acknowledges Trump’s significant personal investment in digital currencies through companies like World Liberty Financial, which operates a platform for digital lending and borrowing. Critics argue this creates a conflict of interest given his potential financial gains.
The executive order outlines plans for a regulatory framework aimed at protecting and promoting digital assets, though it does not direct federal agencies to end legal crackdowns on crypto companies or purchase Bitcoin. Instead, it establishes a working group to develop comprehensive regulations without specifying whether it will include measures like creating a national cryptocurrency stockpile or abolishing central bank digital currencies (CBDCs).
The order reflects Trump’s personal advocacy for cryptocurrencies after his Forges the Future campaign and his appearance at major crypto conferences. However, his administration has faced criticism from ethics experts for appearing to support businesses that could benefit directly from his investment stakes.
Despite mixed reactions, Trump’s actions mark a shift in U.S. policy toward cryptocurrencies, signaling a potential effort to address both industry regulation and public perception ahead of his Inauguration Day.
Source: https://www.nytimes.com/2025/01/23/technology/trump-crypto-executive-order.html