Trump forms cryptocurrency working group
The executive order bans central bank digital currencies, focusing instead on supporting existing cryptocurrencies and ensuring banking access for crypto companies.
President Donald Trump has established a cryptocurrency working group to develop a comprehensive regulatory framework for digital assets. The group will explore creating a national cryptocurrency stockpile and propose new rules for the crypto sector. This move signals a sharp policy shift, aiming to strengthen the US’s position as a leader in digital innovation.
The executive order bans central bank digital currencies, emphasising support for existing cryptocurrencies. It also protects banking services for crypto companies, countering claims that regulators have previously blocked such access. The Securities and Exchange Commission (SEC) has repealed costly accounting guidelines that hindered crypto adoption, marking a win for the industry.
Trump’s crypto-friendly policies, including appointing David Sacks as the administration’s crypto and AI czar, have been met with enthusiasm. Bitcoin soared to a record high earlier in the week amid investor optimism. The working group’s mandate includes clarifying the classification of crypto assets and assessing the viability of a federal digital asset reserve, which could use cryptocurrencies seized by law enforcement.
The crypto industry has praised the move as a landmark in regulatory clarity, with many experts believing it could accelerate the mainstream adoption of digital assets in the US.
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