Trump signed an executive order on cryptocurrencies, moving closer to the Bitcoin Strategic Reserve
Key takeaways
- Trump issued an executive order creating a Presidential Task Force on Digital Asset Markets, moving closer to the Bitcoin Strategic Reserve.
- Speculation around the Bitcoin Strategic Reserve is growing as Cynthia Loomis leads efforts on bipartisan digital asset legislation.
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President Donald Trump signed an executive order creating the Presidential Task Force on Digital Asset Markets.
the to request It aims to advance federal regulations for digital assets, including stablecoins.
In addition, the working group will evaluate the creation of a national strategic stockpile of digital assets, raising speculation about a potential Bitcoin reserve.
The executive order states that this stock is likely to be derived from crypto assets that have been lawfully seized by the federal government through law enforcement efforts.
At press time, Arkham Data The US government appears to have $21 billion in seized digital assets, consisting primarily of Bitcoin, with more than 198,000 Bitcoin in its wallets. These seized assets will likely be transferred or used to create inventory.
White House AI and cryptocurrency official David Sachs will chair the working group that includes the Treasury secretary and the head of the Securities and Exchange Commission.
The order expressly prohibits federal agencies from promoting or creating central bank digital currencies and reverses the previous administration’s policies on digital assets.
The order’s mention of a potential national digital asset stock has sparked discussions about creating a strategic reserve for Bitcoin.
Adding further momentum, Senator Cynthia Lummis was elected Chair of the Senate Banking Subcommittee on Digital Assets earlier today.
Loomis announced that the subcommittee’s priorities include passing bipartisan legislation to promote responsible digital asset innovation and exploring the creation of a strategic bitcoin reserve.
She also pledged strict oversight of federal financial regulators to prevent initiatives like Operation Chokepoint 2.0 from emerging again.
Bitcoin responded to the news with a 2% increase to $106,300 before settling at $105,000.
Trump, speaking via livestream at the World Economic Forum in Davos, said his administration aims to make the United States the “global capital” of cryptocurrencies.
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