The Executive Orders keep coming out of the White House. Today, President Donald Trump signed several big ones – including an Executive Order that aims to ensure US leadership in digital financial technology or Fintech, including AI and digital assets.
The Order establishes a Presidential Working Group on Digital Asset Markets, including:
- The Working Group will be tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.
- The Working Group will be chaired by the White House AI & Crypto Czar and include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.
The White House AI and Crypto Czar is tasked with ensuring the Working Group engages with experts beyond the Federal government.
In December, the President announced that David Sacks, an entrepreneur and venture capitalist, would become the administration’s Crypto Czar.
The Order also blocks government agencies from pursuing central bank digital currencies (CBDCs) or a digital dollar. This may lead to a surge in stablecoin development.
The President reaffirmed his goal of making the US the Crypto Capital of the world:
- President Trump will help make the United States the center of digital financial technology innovation by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations.
- President Trump’s policy vision marks an unprecedented step towards welcoming in a new era for digital financial technology; one in which President Trump’s administration will work towards ensuring innovation thrives, regulatory frameworks are clear, and economic liberty is protected.
- The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference.
This most recent Executive Order will please the digital asset sector as it has spent years battling the anti-innovation Biden administration.
Earlier this week, the acting Chair of the SEC announced a Crypto Task Force that will seek to create updated rules that enable digital asset innovation.
The Executive Order also eliminates the Bidean Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets. This is described as crushing innovation and subverting economic liberty and leadership in digital finance.
Earlier today, President Trump addressed the World Economic Forum, telling the world he was back in charge, making America first. He also admonished Europeans for their excessive regulation and the EU’s attempts to undermine US businesses.
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