Trump Signs Executive Order to Establish Working Group on Cryptocurrencies
On January 23, 2025, US President Donald Trump signed a landmark executive order in the Oval Office, establishing the President’s Working Group on Digital Asset Markets. The group, led by venture investor and Trump-appointed 'Crypto Czar' David Sacks, will include key figures such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission. This move aims to position the United States as the global leader in cryptocurrency and blockchain innovation.
The newly formed group is tasked with evaluating existing regulations impacting the digital asset sector and making recommendations to modify or rescind outdated policies. The directive emphasizes that the digital asset industry plays a crucial role in the nation's innovation and economic development, asserting that the policy of the Trump administration will support the responsible growth and use of digital assets.
David Sacks, who was appointed as the White House AI and Crypto Czar in December 2024, discussed the importance of this executive order. He noted that it fulfills Trump’s campaign promise to be the "first crypto president" and aims to create a regulatory environment conducive to crypto innovation. Sacks criticized the previous administration, claiming that Biden’s regulatory approach had driven crypto companies offshore by offering unclear rules, stifling industry growth.
The working group will also look into the potential creation of a national digital asset stockpile, which could include cryptocurrencies seized by the US government. Additionally, the order explicitly prohibits the establishment of central bank digital currencies (CBDCs) under Trump’s administration.
Trump’s vision for the US to become the global crypto hub is clear: by halting "aggressive enforcement actions" and streamlining regulations, his administration aims to foster a thriving digital financial technology landscape.
