Professional Capital Management founder and CEO Anthony Pompliano talks about the Trump administration launching a cryptocurrency task force and the formation of the Stargate AI project.
president Donald Trump On Thursday, FOX Business signed an executive order seeking to clarify regulations in the cryptocurrency industry to “secure America’s position as a global leader in the digital asset economy,” FOX Business has learned.
Trump’s order establishes the Presidential Task Force on Digital Asset Markets, which will work to develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national stockpile of digital assets. It will be chaired by the White House AI and Cryptocurrency Chief, and will include the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission (SEC), as well as the heads of other relevant departments and agencies.
Additionally, the executive order prohibits agencies from creating, issuing, or promoting central bank digital currencies, and directs other federal agencies and departments to provide the group with recommendations about which digital asset regulations should be repealed or modified. It also eliminates the Biden administration’s Digital Assets Executive Order framework for international participation in the industry.
“President Trump will help make the United States a digital fintech hub by halting aggressive enforcement actions and regulatory overreach that stifled cryptocurrency innovation under previous administrations,” the White House announcement said.
SEC Launches Cryptocurrency Task Force to Create Regulatory Clarity
President Donald Trump’s campaign focused on boosting the cryptocurrency industry in the United States. (Jabin Botsford/The Washington Post via Getty Images/Getty Images)
The executive order comes after Trump promoted a cryptocurrency-friendly approach to regulating the growing industry during his presidential campaign. At a cryptocurrency conference he attended last summer, he pledged to make the United States the “crypto capital of the planet” and the “bitcoin superpower of the world” if elected.
“This is a huge development for Bitcoin and digital assets. We are coming off four years of the Biden administration trying to, you know, shut down the entire cryptocurrency ecosystem and kick it out of the United States. So they now have this support from the highest levels of government to legitimize the importance of this “Technology and its promises are critically important to our economic security and our national security,” Berrianne Boring, founder and CEO of the Digital Chamber, told FOX Business after the announcement.
The administration of former President Joe Biden, through then-SEC Chairman Gary Gensler, implemented a regulatory crackdown on the digital asset industry in an attempt to root out bad actors.
Gensler resigned From the Securities and Exchange Commission on Inauguration Day, Trump named SEC Commissioner Mark Ueda, a Republican appointee, as acting head of the agency while his nominee for the new permanent head position, Paul Atkins, awaits Senate confirmation.
President Trump appoints Mark Ueda acting chairman of the committee
Uyeda’s first official action was to create a new cryptocurrency task force led by GOP Commissioner Hester Peirce, often referred to as “Crypto Mom.”
The working group will enhance dialogue with industry players to foster a friendlier regulatory environment by focusing on drawing clear regulatory lines, providing realistic pathways for registration, formulating reasonable disclosure frameworks and deploying enforcement resources.
It will also coordinate these activities with other federal agencies, including the Commodity Futures Trading Commission, which is poised to take on a greater role in regulating cryptocurrencies.
Bitcoin prices rose slightly on Thursday ahead of the news, before pulling back slightly. The largest cryptocurrency by market cap remains north of $100,000. Prices rose this year by more than 10%.
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FOX Business’s Edward Lawrence and Eleanor Terrett contributed to this report.
