Trump signed an executive order to create a “strategic stockpile of digital assets,” from the Cryptocurrency Working Group
President Donald Trump signed on Executive order On January 23, a new working group was created focusing on cryptocurrencies, potentially a “strategic stock of national digital assets,” and blocking progress on creating a central bank digital currency (CBDC).
The Presidential Task Force on Digital Asset Markets will play a pivotal role in shaping US policy on digital finance, advising on legislation, regulatory frameworks and innovation in the cryptocurrency sector.
New responsibilities
The order sets out a set of responsibilities for the newly formed working group.
The first is to develop the regulatory framework. The group will design a federal regulatory framework governing digital assets, including stablecoins, to provide clarity and support for innovation in the sector.
In addition, it includes the evaluation and possibility of creating a national stock of digital assets, with a focus on Bitcoin (BTC). This would represent the first effort by the US administration to create a strategic reserve for cryptocurrencies.
According to Alex Thorne, Head of Research at… Galaxy DigitalStockpile is a term that refers to holding what the United States government owns “but not necessarily purchasing anything.” he He added Arkham data indicates that US authorities own $1 million worth of 16 other cryptocurrencies besides BTC.
The order also calls for a joint effort with key figures such as the Treasury Secretary, the Chairman of the Securities and Exchange Commission, and other high-level officials to ensure interagency coordination.
David Sachs, the White House’s “AI and cryptocurrency czar,” will play an integral role in leading the group in consulting with leading experts in digital assets and markets, and incorporating insights from outside the federal government.
Additionally, the order stipulates that the agencies identify and recommend amendments to existing regulations that could hinder the growth of the digital asset sector.
Notably, federal agencies are explicitly prohibited from developing central bank digital currencies.
Finally, the order rescinds the previous administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets, which the Trump team criticized for stifling innovation and economic freedom.
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