President Donald Trump issued an executive order on Thursday to strengthen America’s leadership in cryptocurrency and financial technology. The order includes several sweeping measures to promote innovation, protect economic liberty, and evaluate the potential creation of a “national digital asset stockpile.”
The executive order outlines a series of initiatives aimed at boosting U.S. influence in the digital asset industry, including:
- Establishing the President’s Working Group on Digital Asset Markets.
- Reviewing all regulations and guidance affecting the digital asset industry.
- Evaluating the creation and maintenance of a national digital asset stockpile.
- Prohibiting a Central Bank Digital Currency (CBDC).
- Rescinding Biden-era cryptocurrency executive orders and Treasury Department frameworks.
- Protecting the right of cryptocurrency users to self-custody their assets without relying on centralized exchanges.
The executive order reflects Trump’s commitment to promoting U.S. leadership in cryptocurrency. Senator Cynthia Lummis (R-WY), chair of the newly formed Senate Banking Subcommittee on Digital Assets, praised the move. “President Trump has promised to make this administration the most pro-digital asset in U.S. history, and he is already fulfilling that promise with this executive order,” Lummis said in a written statement. She pledged to work with Trump and her colleagues to pass bipartisan legislation supporting Bitcoin and other digital assets.
The cryptocurrency industry played a significant role in the 2024 election cycle, with major donations supporting Trump’s campaign. For example, Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, donated $2 million in Bitcoin, citing opposition to the Biden administration’s restrictive policies on digital assets.
Following his reelection, Trump nominated pro-crypto leaders to key regulatory positions. Paul Atkins, known for his favorable stance on digital assets, was nominated to chair the Securities and Exchange Commission (SEC). Atkins will replace Democrat-appointed SEC Chair Gary Gensler, who had taken a hawkish approach toward crypto.
The SEC also announced the creation of a “crypto task force” to be led by Commissioner Hester Peirce, a widely respected pro-crypto advocate nicknamed “crypto mom” within the community. During the Crypto Ball on Friday, Trump declared the “war on crypto is over,” signaling a new era of support for financial innovation in the United States.
