Trump executive order delivers on 2 promises he made to crypto world

Published On Jan 23, 2025, 5:36 PM

Former President Donald Trump has signed an executive order that establishes a presidential group to create clear regulations for the cryptocurrency industry while prohibiting the creation of central bank digital currencies (CBDCs). Although the idea of a national bitcoin stockpile was mentioned, the executive order currently only directs a working group to evaluate how such a stockpile could be established. The order also revokes a previous executive directive from President Biden which aimed at reducing risks associated with cryptocurrencies. The working group's objectives include identifying existing regulations affecting crypto and making recommendations for new regulations within 30 to 180 days. Experts view this pro-crypto stance as a significant step for the industry, and it could have varied impacts on cryptocurrencies like Bitcoin and firms involved in crypto transactions, such as Coinbase.