President Trump today issued an executive order creating a new working group to review regulation of the crypto asset sector and forbidding federal agencies from establishing a central bank digital currency.
Promising to turn the U.S. into the “crypto capital of the planet,” Trump said the Presidential Working Group on Digital Asset Markets 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, according to a White House summary of the order. The group will be chaired by the White House AI and crypto czar and include the Treasury secretary, Securities and Exchange Commission chairman, and the heads of other relevant departments and agencies. It was announced two days after the SEC announced its own working group to explore regulation of crypto assets.
The order directs departments and agencies to identify and make recommendations to the working group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified. It also directs agencies not to take any action to that could advance the creation of a U.S. CBDC.
“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,” the summary states.
