Donald Trump has signed a decree – a decree – impatiently awaited by the cryptocurrency sector – to “establish a regulatory clarity for digital financial technology” and launched the work of a new presidential working group on the markets of digital assets.
The evaluation of the potential creation of a “ storage of strategic digital assets ” is in the presentation of the working group, according to order, which was signed three days in its second term as President.
The group will be chaired by David frees himself in his new role of artificial intelligence of the White House (AI) and crypto “Czar” – An appointment announced last month by Trump, who said that the former senior executive of Paypal “would guide politics … in two essential areas in the future of American competitiveness”.
The executive decree (signed on January 23) reveals a Executive decree on digital assets under the administration of Joe Biden in March 2022as well as Treasury Department ‘Framework for international commitment on digital assets’ (July 2022) who – a White House “information sheet” on Trump’s executive order States – “Result of innovation and undermined the economic freedom of the United States and world leadership in digital finance”.
Trump signed up during his pre-electoral campaign to make the United States the “cryptographic capital” and the “bitcoin superpower” of the planet. Bitcoin is the best known cryptocurrency in the world. Its price exceeded $ 100,000 (approximately £ 78,000) during the first week of December 2024 in the midst of the hope for lighter regulation of American cryptography.
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Stablecoins supported in dollars
Trump’s order – Title “Strengthen American leadership in digital financial technology” – indicates that its global objective is to “guarantee the position of America as a world leader in the economy of digital assets, stimulating innovation and economic opportunities for all Americans”. It defines the term “digital active” as referring to any digital representation of the value recorded on a large distributed book, including cryptocurrencies, digital tokens and stablecoins.
The order begins by indicating that the digital asset industry plays a “ crucial role in innovation and economic development in the United States, as well as in the international direction of our country ”, explaining that “it is So the policy of my administration to support responsible growth and the use of digital assets, blockchain technology and related technologies in all sectors of the economy. ”
There will be, for example, by “promoting and protecting” the sovereignty of the US dollar “, including through actions aimed at promoting the development and growth of lawful and legitimate stables supported by a dollar in the world” .
While campaigning for the presidency, Trump promised to stop the potential launch of a digital currency from the American central bank (CBDC). He criticized a potential digital dollar as a “dangerous threat to freedom”.
The executive decree follows this, declaring that its administration “will take measures to protect the Americans against the risks of the CBDC, which threaten the stability of the financial system, individual privacy and the sovereignty of the United States, understood by prohibiting the establishment, the issue, traffic and use of a CBDC in the jurisdiction of the United States.
*** World Government Fintech‘s crypto Blanket ***
Chronology of the working group
The president’s working group is created within the National Economic Council. The members will include the president of the Treasury, the chairman of the Securities & Exchange commission (SEC) and the President of the Commodity Futures Trading Commission (CFTC). The role of Sacks in order is called “special advisor for AI and crypto”.
“ Within 30 days of the date of this order, the Ministry of the Treasury, the Ministry of Justice, the SEC and other agencies concerned, whose heads are included in the working group, identifies all the regulations, Orientation documents, orders or other elements that affect the digital asset sector, indicates the order.
Then, within 60 days of the order, each agency must submit to the president’s recommendations “to know if each regulation identified, orientation document, order or other element must be canceled or modified, or, for elements other than regulations, adopted in a regulation.
Within 180 days, the working group must submit a report to the President who recommended the regulatory and legislative proposals that advance order policies.
This includes “ Evaluat (ING) The potential creation and maintenance of a stock of national digital stocks and proposals (ING) to establish such a stock, potentially derived from cryptocurrencies legally seized by the federal government through its efforts to apply the law ”.
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Dry crypto character
In a separate development in the digital asset baseball stage, the SEC – now under the direction of the acting president, Mark Uyeda – earlier this week, launched a cryptographic working group dedicated to the development of a complete regulatory framework and clear for cryptographic active ingredients.
Uyeda, a republican member of the Sec, fulfills a role previously occupied by Gary Gensler, who resigned while Trump returned to the White House. The actions to apply the laws related to the crypto dominated the headlines during the mandate of peopleler, which began in 2021. Trump chose the former SEC commissioner, Paul Atkins, to manage the permanent agency. He awaits the approval of the Senate.
“To date, the SEC is mainly based on implementing measures to regulate retroactive and reactive crypto, often adopting new legal interpretations and not tested along the way,” said the dry in its announcement of the group work. “The clarity of who must register and practical solutions for those who seek to register have been elusive. The result was a confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The dry can do better.
The working group will help the dry “draw clear regulatory lines, provide realistic paths to recording, craftsmanship sensitive disclosure frameworks and deploy the judiciously application resources,” said the announcement. It “will work within the statutory framework provided by the congress and will coordinate the provision of technical assistance to the congress because it makes changes to this framework”.
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“Interrupt the actions of the aggressive application”
The Briefing of the White House on the executive order of Trump indicates that the return president “will help in the United States the center of innovation of digital financial technology by interrupting the aggressive application measures and the regulatory overtaking which have stifled cryptographic innovation under previous administrations ”.
‘The political vision of President Trump marks an unprecedented step towards reception in a new era for digital financial technology; The one in which the administration of President Trump will work to guarantee that innovation prosperous, regulatory executives are clear and economic freedom is protected, “he said.
Under Biden, the The White House published a “full executive” for “responsible innovation” in digital assets in September 2022 (Six months after the Biden decree). The regulators have been encouraged to “prosecute surveys and implementation measures” against illegal practices, and abusive practices. The federal reserve has also been encouraged to continue research, experimentation and evaluation of the CBDC.
Trump launched his own cryptocurrency, $ Trump, three days before his return from the White House. His wife Melania followed suit with the launch of $ Melania on the eve of her husband’s inauguration. Their cryptocurrency emissions were called “coins”-which means a cryptocurrency inspired by internet memes or the phenomena of pop culture.
THE Historical European Union (EU) regulations for the cryptocurrency sector came into force on December 30, 2024. Bloc market regulations of 27 Crypto-Asets (Mica) members (also abbreviated to Micar) was approved by European parliamentarians in April 2023, making the EU the first major jurisdiction in the world to establish a regulatory framework Complete for cryptocurrencies.