US president Donald Trump signed an executive order establishing a working group on digital-asset markets. The body will be led by the special adviser on AI and cryptocurrencies, David Sacks.
?NEW: Here’s the official #crypto EO text from the @WhiteHouse website. ??https://t.co/59XVrJtsRa https://t.co/ZZkFMPgkTD pic.twitter.com/Z27s8a6Pnr
— Eleanor Terrett (@EleanorTerrett) January 23, 2025
Among others, the group will include the secretaries of the Treasury, Commerce and Homeland Security, the attorney-general, and the chairs of the SEC and CFTC.
Within 180 days, the body must present the president with recommendations for regulatory and legislative changes governing “the issuance and circulation of digital assets, including stablecoins, in the United States.”
The group will also assess “the potential for creating and maintaining a national stockpile of digital assets.” One task is to propose criteria for forming such a fund from cryptocurrencies seized by the government.
The order bans the issuance and promotion of a CBDC in the United States. Government agencies must cease all related programmes and initiatives.
In an интервью with FOX Business, Sacks said the group’s aim is to encourage innovation and cryptocurrencies rather than drive the industry abroad. The sector, he said, primarily needs regulatory clarity, which it lacked under Joe Biden’s administration.
On the national crypto reserve, Sacks clarified that a decision to proceed has not yet been made.
?NEW: @davidsacks tells @foxbusiness they have not made a decision to go forward with the digital asset stockpile yet.
“Yeah, we’re going to evaluate that. We have not decided to do it yet. We need to study that.”
— Eleanor Terrett (@EleanorTerrett) January 23, 2025
“Yes, we are going to evaluate that. We have not decided to do it yet. We need to study it,” he said.
The order disappointed bitcoin maximalists
Some supporters of the first cryptocurrency were dismayed that it is not mentioned explicitly in the document.
The executive order does not mention “Bitcoin” once.https://t.co/hQoU9vBeuK
— Peter McCormack ?☠️???? (@PeterMcCormack) January 23, 2025
Commentators also pointed to Trump’s pledge to create a strategic bitcoin reserve. The order, however, uses the term “digital assets”, implying the fund could include altcoins.
The Strategic “Digital Asset” Stockpile should ONLY include Bitcoin.
— Bitcoin Dad (@bitcoin_dad) January 23, 2025
“The strategic digital-asset stockpile should include only bitcoin,” said the investor known as Bitcoin Dad.
Pierre Rochard, vice-president at Riot Platforms, also argued that Trump’s campaign statements were unambiguous:
- ban a CBDC;
- establish a reserve in bitcoin.
The @POTUS campaign had the core tenets of
(1) banning your CBDC technology
(2) a strategic BITCOIN stockpileThere’s no ambiguity.
— Pierre Rochard (@BitcoinPierre) January 23, 2025
“Bitcoin maximalists have real issues with the term ‘digital assets’,” написал CIO Ikigai Asset Management Travis Kling.
Dennis Porter, CEO of Satoshi Action Fund, defended the wording used in the order. He called it pragmatic because the term is “technologically neutral” and “reduces political friction.”
We fully endorse the working group for a ‘Strategic Digital Asset Stockpile’ drafted by @DavidSacks and @BoHines.
I am Bitcoin only, but it is pragmatic for the working group to use the word “digital asset” for the exact same reason that @SatoshiActFund has utilized this…
— Dennis Porter (@Dennis_Porter_) January 23, 2025
He noted that his organisation, which promotes bitcoin in US political and business circles, also regularly takes a similar approach.
According to Arkham Intelligence, the US government holds roughly $21.2bn in seized cryptocurrencies. The dominant share is 198,109 BTC worth $20.76bn.
Earlier, Morgan Creek CEO Mark Yusko suggested that, alongside bitcoin, the US national reserve could include other assets such as XRP, ADA and HBAR.