On Jan. 23, President Donald Trump issued an executive order establishing a working group dedicated to cryptography, which could be a “strategic national digital assets stockpile,”And prohibits advances in the creation of central bank digital currencies (CBDC).
The Presidential Working Group on Digital Asset Markets is expected to play an important role in shaping US digital policy, providing advice on legislative frameworks, innovation and regulatory frameworks in the crypto industry.
There are new duties
This order details a number of duties for the newly-formed working group.
First is to create a regulatory structure. The group is designing a federal regulation framework for digital assets and stablecoins to promote innovation.
The order also includes the evaluation and possible establishment of a digital asset stockpile in America, with a focus on Bitcoin (BTC). It would be the first time a US government has attempted to establish a crypto-reserve.
Alex Thorn, the director of research at Galaxy DigitalThe stockpile refers to the US Government’s holdings “but not necessarily buying anything.” Arkham Data shows the US government holds $1,000,000 worth of BTC and 16 other cryptos, he added.
It also calls for a coordinated effort between agencies with the help of key individuals such as the Secretary to the Treasury and the Chairman of Securities and Exchange Commission.
David Sacks, The “White House AI & Crypto Czar,”It will also play an important role in guiding the group to consult leading experts and market analysts in the digital asset sector, while incorporating perspectives from the outside.
A second requirement of the order is that agencies must identify existing rules that are preventing the growth and development of digital assets.
It is noteworthy that it prohibits the federal agencies from supporting CBDCs.
Lastly, the executive order rescinds the previous administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets, which Trump’s team criticized for stifling innovation and economic liberty.
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