Title for On Thursday, U.S. President Donald Trump initiated the formation of a cryptocurrency working group dedicated to proposing new digital asset regulations and exploring the idea of a national cryptocurrency reserve. This move fulfills his promise to swiftly reform U.S. crypto policy.
The eagerly awaited directive includes safeguarding banking services for crypto companies, addressing industry concerns that U.S. regulators have instructed banks to sever ties with crypto businesses—an accusation that regulators deny. Additionally, the order prohibits the creation of central bank digital currencies in the U.S. that might compete with current cryptocurrencies.
During his campaign, Trump embraced crypto by vowing to be a “crypto president” and support the adoption of digital assets. This stance contrasts sharply with former President Joe Biden’s administration, which sought to protect Americans from fraud and money laundering by taking legal action against crypto exchanges like Coinbase and Binance, accusing them of violating U.S. laws—a claim the companies reject.
Thursday’s order was welcomed by the crypto industry, which had been urging the new administration to demonstrate robust support in Trump’s initial days in office. “Today’s crypto executive order signifies a profound shift in U.S. digital asset policy,” noted Nathan McCauley, CEO and co-founder of Anchorage Digital, a crypto company. “The Administration’s comprehensive approach to crypto lays the groundwork for establishing clear and consistent regulations.” Experts in both regulation and cryptocurrency believe that, if implemented by appropriate agencies, Trump’s order could propel cryptocurrencies into the mainstream. This initiative follows the U.S. Securities and Exchange Commission’s announcement on Tuesday about its plan to revamp crypto policy.
On Monday, Bitcoin reached a new record high of $109,071, driven by investor enthusiasm for the crypto-friendly administration, though it fell to about $103,000 by late Thursday afternoon.