On Thursday, President Donald Trump signed an executive order aimed at promoting the advancement of cryptocurrencies in the United States.
The order also explores the possibility of developing a national digital asset stockpile. David Sacks, a venture capitalist appointed as Trump’s crypto and artificial intelligence advisor, was present during the signing in the Oval Office.
According to CNBC, The executive order emphasizes the importance of the digital asset industry in fostering innovation and economic development in the U.S., as well as enhancing the country’s international leadership in this sector.
This marks a notable shift for Trump, who had previously criticized cryptocurrencies during his first term.
Throughout his current campaign, however, he has garnered significant financial support from the crypto industry, with many investors and companies contributing substantial amounts to his 2024 election campaign.
The executive order primarily focuses on establishing regulatory frameworks and technological advancements related to cryptocurrency in the U.S.
A key component of the initiative is the formation of a working group that will consider the establishment of a national digital asset stockpile, potentially sourced from cryptocurrencies that have been lawfully seized by the federal government through law enforcement actions.
Historically, the U.S. Marshals Service has auctioned seized cryptocurrencies, including bitcoin, ether, and litecoin.
During his campaign, Trump pledged that if he returned to the White House, he would ensure that the federal government would not sell off its bitcoin holdings, although the recent executive order does not specifically mention bitcoin.
“We’re basically announcing the administration’s policy to make America the world capital in artificial intelligence and to dominate and to lead the world in AI,” said Sacks, who joined Trump in the Oval Office for the signing.
“We’re going to make a lot of money for the country,” Trump added.
The digital assets working group has six months to submit its recommendations on regulatory and legislative proposals to the president.
It will consist of the Treasury secretary, attorney general, Commerce secretary, Securities and Exchange Commission (SEC) chair and Commodity Futures Trading Commission (CFTC) chair, among others.
Among Trump’s picks for these roles are several pro-crypto candidates, such as Paul Atkins, who the president tapped for SEC chair, and Howard Lutnick, Trump’s Commerce nominee.
