On January 23, 2025, U.S. President Donald Trump signed an executive order establishing a cryptocurrency working group, fulfilling his campaign promise to become a "crypto president." This advisory council is tasked with developing digital asset policies, collaborating with Congress on cryptocurrency legislation, and exploring the creation of a strategic bitcoin reserve. The group will coordinate efforts among agencies such as the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury Department.
In line with this initiative, the SEC announced a task force to develop a regulatory framework for crypto assets, signaling a shift in federal policy towards a more supportive environment for the cryptocurrency industry. Additionally, President Trump appointed venture capitalist David Sacks as the White House AI and crypto czar, a newly created role aimed at building a legal framework for the cryptocurrency industry.
These actions represent a significant change in the U.S. government's approach to digital assets, potentially fostering innovation and growth within the industry. However, they have also raised concerns among legal experts and crypto insiders regarding market volatility, ethical implications, and the potential for market manipulation. The administration faces the challenge of balancing the promotion of cryptocurrency innovation with the need for consumer protection and market stability.
