Former U.S. President Donald Trump expressed the belief that the digital asset sector plays a critically important role in the country's economic development and strengthening its international leadership. In this regard, he advocates for the active use of cryptocurrencies and blockchain technology in all sectors of the economy.
In particular, Trump granted citizens and private sector representatives the right to use open blockchains for legal purposes, to develop and launch software, to engage in mining and block validation, as well as to independently store digital assets.
In addition, the former president supported the development of stablecoins backed by the U.S. dollar, as this should protect the state sovereignty of the American currency.
Trump's decree aims to eliminate legal uncertainty regarding the regulation of digital assets, blockchain technology, and distributed ledger technology (DLT). To this end, a special working group on digital assets will be established in the U.S., headed by an advisor on artificial intelligence (AI) and cryptocurrencies.
The group will include the ministers of finance, trade, and homeland security, the attorney general, presidential assistants for national security, economic policy, science and technology, as well as the chairs of the SEC and CFTC.
Within 180 days of signing the decree, the working group must provide Trump with a report on its activities. It must develop legislative proposals for the regulation and use of digital assets in the U.S., including stablecoins.
The report must contain recommendations for consumer rights protection and risk management. If necessary, the working group will conduct public discussions and involve leaders from the crypto space.
The target group must also assess the feasibility of creating a government reserve in digital assets and propose criteria for its formation. The reserve may include cryptocurrencies lawfully seized by law enforcement agencies.
A significant part of Trump's decree focuses on central bank digital currencies. The former president banned the creation, issuance, implementation, and use of central bank digital currencies in the United States. He explained that CBDCs threaten the stability of the financial system, the privacy of citizens, and the sovereignty of the United States.
Recently, Donald Trump pardoned the founder of the darknet marketplace Silk Road, Ross Ulbricht, who had previously been sentenced to two life terms for creating and managing this 'shadow' platform.
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