#Ilove $TRUMP American President Donald Trump ordered the creation of a working group for the crypto sector on Thursday, tasked with reforming regulations for digital assets and exploring the creation of a national stock of cryptocurrencies, thus fulfilling the promise to rapidly reform U.S. policy in this sector, Reuters reports.
The executive order, anticipated by crypto investors since Trump’s first day in office, also provides for the protection of banking services for cryptocurrency companies, referring to industry claims that U.S. regulators had asked banks to cut ties with these companies.
American authorities denied these allegations during the term of Democrat Joe Biden. The order also prohibited the central banks within the U.S. Federal Reserve system from creating new digital currencies that could compete with existing cryptocurrencies.
In another significant measure requested by the crypto industry, the U.S. Securities and Exchange Commission (SEC) revoked accounting guidelines on Thursday evening that had made it very costly for some publicly traded companies to hold crypto assets on behalf of third parties. The crypto industry claims these guidelines hindered broader adoption of digital assets.
During the election campaign, Trump garnered support from the crypto industry, promising to be a 'president of cryptocurrencies' and to promote the adoption of digital assets. This marks a stark contrast to the administration of former President Joe Biden, who, in an effort to protect Americans from fraud and money laundering, took tough measures against the industry, filing lawsuits against platforms like Coinbase, Binance, and dozens of other entities, accusing them of violating U.S. laws.