Donald Trump signs executive order for cryptocurrency task force
The group created by the executive order will study federal regulations for stablecoins and a possible national stock of digital assets.
The President of the United States, Donald Trump, has signed his first executive order that could affect users in the cryptocurrency sector and industry leaders, something many expected during his early days in office.
In a televised speech from the Oval Office on January 23, Trump appeared alongside his ‘czar of AI and cryptocurrencies’, David Sacks, who explained the executive order to the President of the United States. According to Sacks, the EO established an “internal task force to make the United States the global capital of the cryptocurrency sector,” with him leading this effort.
The President of the United States stated that Sacks was going to “make a lot of money” with the executive orders on AI and cryptocurrencies. According to the text of the order on cryptocurrencies, Trump's directive revoked an EO from March 2022 by former President Joe Biden that instructed U.S. government agencies to establish a regulatory framework for the cryptocurrency sector.
The order prohibited “the establishment, issuance, circulation, and use” of a central bank digital currency (CBDC) in the United States and requested the task force to study the possible creation and maintenance of a national cryptocurrency reserve and a regulatory framework for stablecoins.