Trump Reveals New Executive Orders in Support of the Cryptocurrency Market
President Donald Trump has issued executive orders to strengthen the cryptocurrency market and establish a working group to develop a comprehensive plan, including regulatory and legislative proposals for digital assets.
The first order, issued on the evening of Jan. 23, aims to enhance access and utilization of public blockchain networks, develop and deploy blockchain-related software, engage in mining and validation, and facilitate uncensored transactions.
It also aims to promote the global use of U.S. dollar-backed stablecoins. A stablecoin is a type of cryptocurrency where the value is tied to a reference asset.
According to the first executive order, “The digital asset industry plays a crucial role in innovation and economic development in the United States and internationally. It is the policy of the Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
The regulatory frameworks established by the executive order would be technology-neutral and implement clear rules and transparency to protect and promote the cryptocurrency industry.
Legislators have long advocated for crypto regulation, with little attention from Congress overall. Senators Kirsten Gillibrand and Cynthia Lummis introduced regulatory legislation for digital assets and stablecoins in recent years.
Rep. Nancy Mace introduced legislation last year to utilize blockchain technology for border security operations, emphasizing the technology’s transparency and security features.
President Trump’s executive order prohibits central bank digital currencies (CBDCs), citing concerns about their impact on financial stability, individual privacy, and U.S. sovereignty.
The working group, established through Trump’s second executive order, will develop regulatory frameworks for the cryptocurrency industry and evaluate the creation of a strategic national digital assets stockpile controlled by the government.
Cryptocurrency enthusiast David Sacks, appointed by Trump, will lead the working group, comprising key officials from relevant government agencies.
The second executive order sets a timeline for the working group to identify digital asset regulations within 30 days, propose changes within 60 days, and submit a full report with regulatory and legislative proposals within 180 days.
These executive orders come after Trump’s recent announcement of the launch of a memecoin called $Trump, leading to increased interest in the cryptocurrency market.
According to Arkham Intelligence, the U.S. government currently holds nearly $21.5 billion worth of crypto assets, predominantly in Bitcoin.
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