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Trump signs executive order on digital asset strategic reserve and forms related working group
Source: Blockchain Knight
President Donald Trump of the United States signed an executive order on January 23, establishing a new working group, with a focus on Crypto assets and potential national digital asset strategic reserves, and prohibiting the creation of central bank digital currencies (CBDC).
The Digital Asset Market Presidential Working Group will play a key role in formulating US digital financial policy and providing recommendations for legislation, regulatory frameworks, and innovation in the field of crypto assets.
This command outlines a series of responsibilities for the newly established working group.
First, establish a regulatory framework. The working group will design a federal regulatory framework for managing digital assets, including stablecoins, to provide clarity and support for innovation in the industry.
In addition, the directive also includes an evaluation and potential establishment of a national digital asset reserve, with a focus on BTC. This will mark the US government's first attempt to establish a strategic reserve of Crypto assets.
Galaxy Digital research director Alex Thorn believes that reserves refer to "holding something that the US government owns, but not necessarily making an actual purchase".
Thorn added, 'Arkham data shows that in addition to BTC, US authorities also hold 16 other Crypto assets worth $1 million.'
The command also mentioned the joint efforts of key figures such as the Minister of Finance, the Chairman of the Securities and Exchange Commission, and other senior officials to ensure coordination between the institutions.
White House AI and Crypto Asset Tsar David Sacks will play a key role in leading the group and consulting with top experts in the field of digital assets and markets, incorporating insights from outside the federal government.
In addition, the command also requires institutions to identify and propose modifications to existing regulations that may hinder the development of the digital asset industry.
It is worth noting that it explicitly prohibits federal agencies from promoting CBDC.
Finally, the executive order abolishes the previous government's 'Administrative Order on Digital Assets' and the Ministry of Finance's 'International Participation Framework for Digital Assets'. The Trump team criticized these two executive orders for stifling innovation and economic freedom.