President Trump has signed an executive order aimed at strengthening the United States’ leadership in digital financial technology. The order calls for the evaluation of a strategic national reserve of Bitcoin and other cryptocurrencies, as well as the prohibition of a central bank digital currency.
The order, titled “Strengthening American Leadership in Digital Financial Technology,” expresses the administration’s support for the responsible growth and use of digital assets and blockchain technology. It rescinds previous digital asset directives issued by President Biden and establishes a new working group tasked with proposing a unified regulatory approach to digital assets within 180 days.
The working group will assess the potential creation and maintenance of a national digital asset stockpile, which could be comprised of cryptocurrencies seized by law enforcement. The order also mandates that all federal agencies cease any actions related to the development of a government-backed digital currency.
In contrast, the order promotes the development and growth of private-sector stablecoins, which are cryptocurrencies pegged to the value of the US dollar. The Treasury Department, Department of Justice, Securities and Exchange Commission, and other relevant agencies have been instructed to identify and submit all regulations, guidance documents, and other items that affect the digital asset sector within 30 days.
Furthermore, the order directs US banks to provide fair and open access to banking services for all law-abiding citizens and businesses, including those operating in the cryptocurrency space.
Staff, D. H. (2025, January 23). President Trump signs executive order to ‘Evaluate’ strategic Bitcoin and Crypto Reserve, ban central bank digital currency, boost stablecoins. The Daily Hodl. Retrieved January 24, 2025, from https://dailyhodl.com/2025/01/23/president-trump-signs-executive-order-to-evaluate-strategic-bitcoin-and-crypto-reserve-ban-central-bank-digital-currency-boost-stablecoins/
