President Donald Trump has just signed the first executive order targeting the cryptocurrency industry. In a press release on January 23, Trump announced that the order bans the issuance and use of central bank digital currencies (CBDCs) in the US. 💰
The order also establishes a working group led by David Sacks to make America the world’s crypto hub. 🏛️ Sacks explained that the group will explore the creation of a national crypto reserve and design a regulatory framework for stablecoins. ⚖️
However, there has been much criticism of the president’s power to implement this broad policy through executive order. 🤔 Additionally, Trump also revoked an executive order issued by former President Joe Biden that directed the development of a regulatory framework for crypto. 📜
The order fulfills Trump’s campaign promise to prevent the development of CBDCs, but there are concerns about its legal implications. ⚠️