President Trump signed a crypto executive order
Anthony Pompliano, founder and CEO of Professional Capital Management, on the Trump administration’s launch of a crypto task force and the formation of the Stargate AI project.
President Donald Trump “An executive order was signed on Thursday that seeks to clarify regulations in the crypto industry to protect the US position as the world leader in the digital asset economy,” FOX Business has learned.
Trump’s order establishes a Presidential Task Force on Digital Asset Markets, which will review a federal digital asset regulatory framework including StatCoin, and the creation of a strategic national digital asset inventory. It is chaired by the White House AI and Crypto Czar and includes the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.
Additionally, the executive order prohibits agencies from establishing, issuing, or promoting central bank digital currencies, and directs other federal agencies and departments to submit recommendations to the group on whether to repeal or improve digital asset regulations. It also repeals the Biden administration’s digital assets executive order framework for international involvement in the industry.
“President Trump will help make the United States a digital financial technology hub by ending the repressive enforcement and regulatory measures that have stifled crypto innovation under previous administrations,” the White House announcement said.
Sec has launched a crypto task force to create regulatory transparency
President Donald Trump has campaigned to boost the US crypto industry. (Jabin Botsford/Washington Post via Getty Images/Getty Images)
The executive order comes after Trump touted a crypto-friendly approach to regulating the growing industry during his presidential campaign. At a crypto conference last summer, he promised to make America the “crypto capital of the planet” and “the world’s bitcoin superpower” if elected.
Former President Joe Biden’s administration, through then-SEC Chairman Gary Gensler, took regulatory action against the digital assets industry to root out bad actors.
Gensler resigned On inauguration day from the SEC, Trump named SEC Commissioner Mark Uyeda as the agency’s acting chairman, while his nominee, the new permanent chairman, Paul Atkins, awaits Senate confirmation.
President Trump appointed Mark Uyeda as his successor
Uyeda’s first official move was to create a new crypto task force headed by GOP Commissioner Hester Pierce, often known as “Crypto Mom.”
The task force encourages dialogue with industry players to promote a friendly regulatory environment by establishing clear regulatory lines, providing concrete pathways for registration, designing sensible disclosure frameworks and deploying enforcement resources.
It will also coordinate those activities with other federal agencies, including the Commodity Futures Trading Commission, which is set to play a major role in crypto regulation.
Bitcoin prices rose slightly on Thursday ahead of the news, rising 0.35% to $104,043. In the past month, the price of Bitcoin has increased by more than 8.6%.
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Fox Business’ Edward Lawrence and Eleanor Terrett contributed to this report.