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Highlights
- Donald Trump has signed an executive order towards the creation of a national digital asset stockpile.
- The executive order establishes a crypto working group which will be responsible for working towards the creation of this stockpile.
- The AI and crypto Czar David Sacks will chair the working group.
US President Donald Trump has signed an executive order with a focus on developing a national digital asset stockpile. The executive order also created a crypto working group that will be responsible for developing this stockpile.
Donald Trump Signs Executive Order To Develop Digital Asset Stockpile
A White House press release revealed that US President Donald Trump has signed an executive order to develop a national digital asset stockpile.
The executive order establishes the Presidential Working Group on Digital Asset Markets to strengthen US leadership in digital finance. This group will be responsible for evaluating the creation of this strategic national digital assets stockpile. They will also be responsible for developing a Federal regulatory framework that will govern digital assets, including stablecoin.
This development comes just a few hours after the US president reaffirmed his commitment to make the country the world capital of crypto and AI.
According to Terrett, the White House AI and Crypto Czar David Sacks will chair the Working Group. The group will include the Treasury Secretary, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies. Sacks will engage stakeholders in the crypto industry to ensure that the Working group is guided by the expertise of those in the industry.
Furthermore, the executive order prohibits agencies from working towards establishing and issuing central bank digital currencies (CBDCs).
The order also revokes the previous administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets.
How It Relates To The Strategic Bitcoin Reserve
Donald Trump’s executive order to develop a national digital asset stockpile has raised questions about how this relates to the president’s promise to create a strategic Bitcoin reserve.
Galaxy Digital’s Head of Research, Alex Thorn, suggested that this development doesn’t imply that the BTC reserve will happen. He remarked that the term ‘stockpile’ is “jargon” for the US holding what the coins it has and not necessarily buying anything.
Bloomberg analyst James Seyffart also agreed with Thorn’s theory. He stated that Donald Trump was very particular, even as far back as last summer at the Bitcoin conference, when he mentioned “stockpile” instead of “Reserve.”
Bitcoin critic and renowned economist Peter Schiff also commented on the executive order. He noted that Trump signed an order to create a crypto working group to advise on digital asset policy and work with Congress on crypto legislation. According to Schiff, this order is not exclusive to Bitcoin, nor does it guarantee the creation of a strategic reserve.
However, Binance co-founder Changpeng “CZ” Zhao expressed optimism about the creation of a Strategic Bitcoin Reserve following Senator Cynthia Lummis’ appointment as the Chair of the Senate’s Digital Assets Subcommittee.
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