President Donald Trump on Thursday issued an executive order to maintain America's leadership in cryptocurrencies and evaluate the potential creation of a “National Digital Asset Reserve.”
playing cards issued “An executive order that seeks to advance America’s leadership in digital assets and financial technology while protecting economic freedom.
The Executive Order calls to protect American innovation and leadership in the burgeoning digital asset industry and aims to advance U.S. leadership through a series of actions. This includes:
- Establishes President's Working Group on Digital Asset Market
- Identify all regulations, guidance documents, orders, and other items impacting the digital asset industry
- Assessing the potential creation and maintenance of a “National Digital Asset Stockpile”
- Central bank digital currency (CBDC) ban
- Repeals Biden-era Executive Order on Cryptocurrency and Treasury Framework on Digital Assets
- Make your assets self-sustaining to protect the rights of your crypto users, so you don’t need to rely on centralized entities like Coinbase, Crypto Exchange, etc.
Sen. Cynthia Lummis (R-WY), chair of the Senate Banking Subcommittee on Digital Assets, cheered on Trump's executive order, which was just announced Thursday.
She said in a written statement:
President Trump has promised to make this administration the most digital asset in American history, and within these first days, he has already fulfilled that promise with this executive order. Under President Trump's leadership, the United States will become a global leader in financial innovation and the advancement of digital assets.
She said, “I will work with President Trump and my colleagues to pass bipartisan Bitcoin and Digital Assets Act in the coming months and improve regulations like SAB 121, Operation Chokepoint 2.0, and lawsuits against digital asset companies.” We look forward to securing the excesses.”
Crypto investors, corporations, and executives reportedly accounted for nearly half of corporate donations during the 2024 election cycle.
For example, Cameron and Tyler Winklevoss, founders of Cryptocurrency Exchange Gemini, donated $2 million in Bitcoin to Trump's re-election campaign in June, citing the Biden administration's “war on Crypto.”
Since Trump's landslide victory in November, he has moved Designate government leaders to support the crypto industry.
He appointed Paul Atkins as chairman of the Securities and Exchange Commission (SEC). Atkins is known to be procrypt. He replaces SEC Chairman Gary Gensler, who was nominated by the Democratic Party.
The SEC this week announced the creation of a “Crypto Task Force” led by Commissioner Hester Pierce, a well-known pro-crypto public servant affectionately referred to as “Crypto Mom” by those in the Crypto community.
Treasury Secretary Scott Bessent, manager of the ProCrypto hedge fund, attended the crypto ball the weekend before Trump's inauguration.
David Sachs, the venture capitalist Trump chose to be his crypto and artificial intelligence czar, joined Trump in the Oval Office for the signing of the order.
During Friday's Crypto Ball, he declared that “the war on crypto is over,” marking a transition from the largely anti-crypto Biden administration.
“This is just the beginning of America reclaiming its position as America's innovation leader,” Sachs added.
Sean Moran is a policy reporter at Breitbart News. follow him on x @seanmoran3.
