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Source: Blockchain Knight
U.S. President Don Trump signed an executive order on January 23 to form a new working group.Aim to focus on Crypto assets and potential national digital assets strategic reserves and to prohibit the creation of central bank digital currencies (CBDCs).
The Presidential Working Group on Digital Asset Markets will play a key role in formulating U.S. digital finance policies and advise on legislative, regulatory frameworks and innovations in the Crypto asset space.
The order outlines a range of responsibilities of the newly formed working group.
The first is to formulate a regulatory framework.The Working Group will design a federal regulatory framework for managing digital assets, including stablecoins, to provide clarity and support for innovation in the industry.
also,The order also includes evaluating and potentially building a national digital asset reserve, focusing on BTC.This will mark the first time the U.S. government has made efforts to establish a strategic reserve of Crypto assets.
Alex Thorn, head of research at Galaxy Digital, believes that reserves are “holding things owned by the U.S. government, but not necessarily making actual purchases.”
Thorn added:Arkham data shows that in addition to BTC, U.S. authorities also hold 16 other Crypto assets worth $1 million.”
The order also mentions joint efforts with key figures such as the Finance Minister, the SEC Chairman, and other senior officials to ensure coordination among agencies.
White House AI and Crypto Assets Tsar David Sacks will play a major role in leading the group in consultation with top experts in digital assets and markets, and include insights outside the federal government.
also,The order also requires agencies to identify and recommend amendments to existing regulations that may hinder the development of the digital asset industry.
It is worth noting that it explicitly prohibits federal agencies from advancing CBDC.
Finally, the executive order abolished the previous administration’s Digital Assets Executive Order and the Treasury Department’s International Participation Framework for Digital Assets, which Trump’s team criticized for stifling innovation and economic freedom.
