President Trump just signed an executive order to evaluate the creation of a strategic national Bitcoin and crypto stockpile, as well as prevent the development of a Central Bank Digital Currency (CBDC) while boosting stablecoin adoption.
The order, entitled “Strengthening American Leadership in Digital Financial Technology,” states the administration supports the “responsible growth” and use of digital assets and blockchain technology.
[adinserter block="1"]The order revokes President Biden’s previous digital asset directives and creates a new working group that will coordinate and propose a unified regulatory approach to digital assets within 180 days.
“The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
The executive order also demands all federal agencies halt any actions related to the development of a government-backed digital version of the dollar, while analyzing how the US can “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector.
Meanwhile, the Treasury Department, Department of Justice, Securities and Exchange Commission and other relevant agencies have 30 days to identify and submit all regulations, guidance documents, orders or other items that affect the digital asset sector.
US banks are also instructed to provide fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike, amid accusations that legitimate crypto companies were denied banking services under the previous administration.
You can check out the full executive order here.
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