On January 23, 2025, U.S. President Donald Trump signed an executive order establishing the Presidential Working Group on Digital Asset Markets, fulfilling his campaign promise to become a "crypto president." This advisory council is tasked with developing a federal regulatory framework for digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile. The group will coordinate efforts among agencies such as the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission, and the Treasury Department.
In line with this initiative, President Trump's executive order prohibits federal agencies from establishing, issuing, or promoting central bank digital currencies (CBDCs). It also directs agencies to identify existing regulations that may hinder the growth of the digital assets sector and recommend modifications or rescissions to foster innovation.
Following the executive order, SEC Commissioner Mark Uyeda was appointed as the agency's acting chair. His first official action was to create a new crypto task force led by Commissioner Hester Peirce, known as "Crypto Mom." This task force aims to foster dialogue with industry players to promote a friendlier regulatory environment by focusing on clear regulatory guidelines, realistic paths to registration, sensible disclosure frameworks, and coordinated efforts with other federal agencies.
These developments underscore the administration's commitment to making the United States a leader in digital financial technology by halting aggressive enforcement actions and regulatory overreach that have previously stifled crypto innovation.
