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Written by: Bitchain Vision
On January 23, 2025, US President Trump issued his first crypto executive order.The top 10 key points are as follows:
1. Protect and promote the ability of individual and private citizens to access and use public chains
2. American citizens can develop and deploy software, participate in mining and verification, conduct transactions, and self-custody of digital assets
3. Promote and protect the sovereignty of the US dollar and promote the development and growth of stablecoins supported by the US dollar
4. Protect and promote equitable and open access to banking services by all law-abiding citizens and private sector entities
5. Provide regulatory clarity and certainty
6. Protect Americans from the risks of CBDCs and prohibit the establishment, issuance, circulation and use of CBDCs within the jurisdiction of the United States.
7. Revoke the Executive Order No. 14067 “Ensure Responsible Development of Digital Assets” and the Ministry of Finance “International Participation Framework for Digital Assets”
8. Establish the President’s Digital Assets Market Working Group
9. Propose a federal regulatory framework to manage the issuance and operation of US digital assets (including stablecoins)
10. Assess the possibility of establishing and maintaining national digital asset reserves and propose standards for establishing such reserves
The full text of the executive order is as follows:
Strengthen the U.S. leadership in the field of digital finance technology
In order to promote the leadership of the United States in the field of digital assets and financial technology, as well as protect economic freedom, the following order is hereby ordered:
Section 1 Purpose and Policy
(a) The digital asset industry plays a crucial role in the innovation and economic development of the United States and in our international leadership.Therefore, the policy of this administration is to support the responsibly growing and using digital assets, blockchain technology and related technologies in all economic fields, including:
(i) The ability to protect and promote access and use open public chain networks without persecution by individual citizens and private sector entities, including the ability to develop and deploy software, the ability to participate in mining and verification, and without illegal reviewThe ability to trade with others and the ability to maintain self-custody of digital assets;
(ii) Promote and protect the sovereignty of the US dollar, including through action to promote the development and growth of legitimate dollar-backed stablecoins around the world;
(iii) Protect and promote equitable and open access to banking services by all law-abiding citizens and private sector entities;
(iv) Provide regulatory clarity and certainty based on technology-neutral regulations, frameworks that consider emerging technologies, transparent decision-making and clear judicial regulatory boundaries, all for supporting a vibrant and inclusive digital economy and digital assets, without permissionInnovation in blockchain and distributed ledger technologies is crucial;
(v) Take measures to protect Americans from risks from central bank digital currencies (CBDCs), which threaten the stability of the financial system, personal privacy and U.S. sovereignty, including prohibiting the establishment, issuance, circulation and use of CBDCs within the jurisdiction of the United States.
Section 2 Definition
(a) For the purposes of this order, the term “digital asset” refers to a digital representation of any value recorded on a distributed ledger, including cryptocurrencies, digital tokens and stablecoins.
(b) The term “blockchain” refers to any technology involving data:
(i) Sharing within the network and establishing a public ledger of verified transactions or information between network participants;
(ii) use encryption technology to maintain the integrity of public ledgers and perform other functions;
(iii) distribute to network participants in an automated manner to simultaneously update the public ledger status and any other functions of network participants; and
(iv) consists of publicly available source code.
(c) “Central Bank digital currency” refers to a digital currency or currency value form denominated in national accounting units, and is a direct liability of the central bank.
Section 3: Revoking Executive Order No. 14067 and the Ministry of Finance Framework
(a) Hereby revoke Executive Order No. 14067 of 9 March 2022 (to ensure the responsibly developing digital assets).
(b) Instruct the Minister of Finance to immediately revoke the “International Participation Framework for Digital Assets” issued by the Ministry of Finance on July 7, 2022.
(c) All policies, directives and guidance issued under Executive Order No. 14067 and the Ministry of Finance’s International Participation Framework for Digital Assets, if inconsistent with the provisions of this Order, will be hereby revoked or at the discretion of the Minister of Finance.
(d) The Minister of Finance shall take all appropriate measures to ensure compliance with the policies set forth in this Order.
Section 4 Establishment of the Presidential Digital Assets Market Working Group
( a) The Presidential Digital Assets Market Working Group (Working Group) is hereby established within the National Economic Commission.The Working Group shall be chaired by the Special Adviser for Artificial Intelligence and Crypto.In addition to the Chairman, the Working Group shall include the following officials or their designated personnel:
(1) Minister of Finance;
(II) Attorney General;
(III) Minister of Commerce;
(IV) Secretary of Homeland Security;
(V) Director of the Office of Management and Budget;
(VI) President’s Assistant for National Security Affairs;
(vii) President’s Assistant to National Economic Policy (APEP);
(8) Presidential Science and Technology Assistant;
(ix) Homeland Security Advisor;
(x) Chairman of the Securities and Exchange Commission; and
(11) Chairman of the Commodity Futures Trading Committee
Committee.
(12) In appropriate circumstances and in accordance with applicable law, the Chairman may, based on the relevance of his or her expertise and responsibilities, invite the heads of other administrative departments and agencies (organizations) or other senior officials within the General Office of the President to attend the working group meetings, based on the relevance of his or her expertise and responsibilities..
(b) Within 30 days from the date of this order, the Ministry of Finance, the Ministry of Justice, the Securities and Exchange Commission and other relevant bodies (including their heads included in the Working Group) shall determine all regulations, guidance documents, orders affecting the digital assets areaor other items.Within 60 days from the date of publication of this Order, each agency shall submit a recommendation to the Chairman whether each determined regulation, guidance document, order or other item should be revoked or amended, or, for items other than the regulations, should be in the event of any item outside the regulations.Adopted in regulations.
(c) Within 180 days from the date of this order, the Working Group shall submit a report to the President through the APEP, which shall make regulatory and legislative recommendations to advance the policies identified in this order.In particular, the report should focus on the following aspects:
(i) The Working Group should propose a federal regulatory framework to manage the issuance and operation of U.S. digital assets, including stablecoins.The Working Group’s report should take into account market structure, supervision, consumer protection and risk management regulations.
(ii) The Working Group should assess the possibility of establishing and maintaining national digital asset reserves and propose standards for establishing such reserves that may come from cryptocurrencies legally seized by the federal government through law enforcement efforts.
(d) The Chair shall appoint an Executive Director of the Working Group to coordinate the daily work of the Working Group.On issues involving national security, the working group should consult with the National Security Commission.
(e) Where appropriate and in compliance with the law, the Working Group shall hold public hearings and accept the personal expertise of digital assets and digital market leaders.
Section 5: Central Bank digital currencies are prohibited.
(a) Except as required by law, institutions are hereby prohibited from taking any action to establish, issue or promote CBDCs within or outside the United States.
(b) Except as required by law, any institution’s ongoing plans or initiatives relating to the creation of a CBDC within the jurisdiction of the United States shall be terminated immediately and no further action shall be taken to develop or implement such plans or initiatives.
Section 6 Independence of clauses
(a) If any provision or any provision of this Order is held invalid to any person or situation, the remainder of this Order and its application to any other person or situation shall not be affected.
Section 7 General Provisions
(a) Nothing in this Order shall be construed as a damaging or otherwise affecting:
(i) the powers granted by law to an executive branch, institution or its chiefs; or
(ii) The functions of the Director of the Office of Management and Budget regarding budgetary, administrative or legislative proposals.
(b) The implementation of this Order shall comply with applicable law and shall be subject to the appropriation.
(c) This Order is not intended and does not arise from any right or interest, whether substantive or procedural, and either party may, in accordance with law or equitable law, against the United States, its departments, institutions or entities, its officials,Enforced by an employee or agent or any other person.
White House January 23, 2025
