U.S. President Donald Trump has issued an order to create a cryptocurrency working group, tasked with drafting new regulations and exploring national crypto stockpiles. The action also directs banking services for crypto companies to remain protected, countering claims by industry critics that regulators are blocking lawful crypto businesses from accessing banking services.
Additionally, the order prohibits the creation of U.S. central bank digital currencies, which could directly compete with existing cryptocurrencies like Bitcoin. In a related move, the U.S. Securities and Exchange Commission (SEC) rescinded accounting guidance previously deemed too costly for safeguarding crypto assets on behalf of third parties, potentially stifling digital asset adoption by some companies.
The crypto industry has welcomed the order, describing it as a significant step toward clarifying regulatory frameworks. “Today’s crypto executive order marks a sea change in U.S. digital asset policy,” said Nathan McCauley, CEO and co-founder of crypto company Anchorage Digital.
If implemented, Trump’s measures could accelerate Bitcoin adoption and modernize the sector. The order includes a task force created by the SEC to overhaul U.S. crypto policies, signaling potential regulatory clarity.
Bitcoin hit a fresh record high as investors welcomed the new administration, though its price later dropped slightly. In response, Senator Tim Scott of South Carolina praised Trump for his crypto-friendly policies.
Analysts and legal experts remain divided on how such a stockpile might be structured, with some suggesting reliance on existing mechanisms like the U.S. Treasury’s Exchange Stabilization Fund.
President Trump recently appointed venture capitalist David Sacks as the new cryptocurrency czar, effective from January 23.
This move marks a bold departure from former President Joe Biden’s regulatory focus on crypto to combat fraud and money laundering. The administration appears determined to reshape U.S. digital asset policies, with implications for both innovation and global competition in the crypto space.
Source: https://www.reuters.com/business/finance/trump-signs-order-create-cryptocurrency-working-group-2025-01-23