(Bloomberg) — President Donald Trump signed executive actions related to cryptocurrency and artificial intelligence, moves that could support two nascent industries.
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The president was joined by White House AI and crypto czar David Sacks, a venture capitalist and major political donor.
The crypto order creates a task force to advise the White House on digital asset policies and will include participation from key federal agencies, such as the Department of Treasury, Department of Justice, Securities and Exchange Commission and the Commodity Futures Trading Commission.
The group will be tasked with submitting a report to the president within approximately six months recommending a regulatory framework and legislative proposals, including evaluating the creation of a digital asset repository.
“It absolutely changes the fundamentals on the ground,” said Kara Calvert, vice president of U.S. policy at Coinbase Global Inc., the largest U.S. crypto exchange. “You have a president who embraces digital assets and has created an advisory board that recognizes the need for non-governmental expertise. It’s really exciting.
Still, the order sparked a mixed reaction elsewhere in the crypto community. Bitcoin supporters express disappointment that the order does not specify that the largest cryptocurrency would be the center of a national reserve, as many had speculated. Trump endorsed the idea during the election campaign.
“What crypto Twitter wanted is very different from reality,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “If you think about it, even the US government buying a Bitcoin will be extremely thoughtful, because every other government will follow and buy it. The assessment of a potential national stockpile of digital assets is as optimistic as real news could be.
Bitcoin fell about 1% to $102,750 after the executive actions were disclosed. The original digital currency, which accounts for more than half of crypto’s market value, has surged more than 50% since Trump’s election.
Sacks noted that the group would “make America the crypto capital of the world under your leadership,” he said in a nod to Trump.
He added that action on artificial intelligence would allow the United States to “dominate and lead the world in AI.”