US president Trump creates a crypto working group to draft regulations and explore a national digital asset stockpile, marking a major shift in U.S. crypto policy.
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| President Trump signs an order to establish a crypto working group, create regulations, and explore a national digital asset reserve, bolstering the industry. Illustration: ChicHue |
Washington, DC, USA — January 24, 2025:
US President Donald Trump on Thursday issued an executive order establishing a cryptocurrency working group tasked with drafting new regulations for digital assets and exploring the potential creation of a national cryptocurrency stockpile. This initiative fulfills Trump’s campaign promise to rapidly reform U.S. crypto policy.
The working group will be responsible for creating a regulatory framework for digital assets, including stablecoins, and ensuring banking services for crypto companies remain protected. The order also prohibits the creation of central bank digital currencies (CBDCs) that could compete with existing cryptocurrencies.
In a move welcomed by the crypto sector, the U.S. Securities and Exchange Commission (SEC) also reversed previous accounting guidance, which had made it costly for listed companies to secure crypto assets. This change was seen as a significant step in promoting wider adoption of digital assets.
The executive order stands in contrast to the regulatory approach of former President Joe Biden’s administration, which has pursued stricter enforcement against crypto companies. The Trump administration's shift signals support for the crypto industry and aims to establish clearer regulations.
The newly established working group, which includes representatives from the Treasury Department, SEC, and the Commodity Futures Trading Commission, will help shape policies to support the growth of digital assets in the U.S. The group will also assess the creation of a national cryptocurrency stockpile, potentially sourced from cryptocurrencies seized by law enforcement. However, details about how this stockpile would be managed remain unclear.
The executive order has received positive reactions from industry leaders, including Nathan McCauley, CEO of Anchorage Digital, who described it as a "sea change" in U.S. crypto policy. This move is expected to help solidify the U.S.’s leadership in the digital asset space.
As Bitcoin continues to soar in value, many see this executive action as a step toward mainstream acceptance of cryptocurrencies. Senator Tim Scott, chair of the Senate Banking Committee, praised the decision, emphasizing that it demonstrates Trump’s commitment to advancing innovation in the crypto sector.