US President Donald Trump announced forming an internal committee in a bid to advance America’s position in the world of cryptocurrencies. The executive order also prohibited the development of central bank digital currencies (CBDCs) and pledged to remove any unnecessary regulations.
Trump also highlighted the upward momentum of cryptocurrencies, and said they are “going up.”
About the group:
The committee would be tasked with developing a federal regulatory framework for digital assets, including stablecoins, while evaluating the formation of a strategic national digital assets stockpile.
Members of the group:
The internal working group established under Trump’s order is said to be chaired by White House artificial intelligence and crypto czar David Sacks.
During the signing ceremony in the Oval Office, Sacks declared, “We’re going to be forming an internal working group to make crypto, to make America the world capital in crypto under your leadership.”
As per the orders by the White House Sacks would be engaging with leading experts in the world of digital assets and markets to ensure that the actions of the committee are guided by expertise apart from the federal government.
It will also include the treasury secretary and the chairman of the Securities and Exchange Commission (SEC).
Implementations of the order:
The executive order revoked the Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets implemented by the previous administration, which the Trump administration accused of weighing down the innovation and undermining US leadership in digital finance.
The order also prohibited agencies from establishing, issuing or promoting CBDCs.
It also directs departments and agencies to review existing regulations and recommend changes to the working group to remove barriers to innovation in the digital asset sector.
The White House release said that the growth of the digital financial landscape in the US must remain unhindered by unnecessary interference by the government and restrictive regulations.
“Trump is fulfilling his promise to make the United States the crypto capital of the planet.” the White House said in a statement on Thursday.
It emphasised that the initiative would foster an era of digital financial innovation while ensuring clear regulatory frameworks and protecting economic liberty.
The administration also committed to halt “aggressive enforcement actions and regulatory overreach,” claiming that it barred crypto innovation in previous administrations.
“Trump’s policy vision marks an unprecedented step towards welcoming in a new era for digital financial technology; one in which President Trump’s administration will work towards ensuring innovation thrives, regulatory frameworks are clear, and economic liberty is protected,” the White House stated.
Recently, the US President-elect Donald Trump also unveiled his own cryptocurrency, called $TRUMP, sending the market into a frenzy. The meme coin’s launch saw its market capitalisation skyrocket to nearly billion within hours and soaring to almost $6 billions within hours.
