In order to establish a working committee on digital asset markets, President Donald Trump signed an executive order.
David Sacks, the Special Advisor for AI and Crypto, will serve as the group’s director. The Secretaries of Treasury, Commerce, and Homeland Security, the Attorney General, and the leaders of the SEC and CFTC will also be involved.
It is anticipated that the group will submit recommendations to the president within 180 days regarding regulatory and legislative modifications that pertain to the issuance and circulation of digital assets, such as stablecoins, in the United States.
The committee will also evaluate the feasibility of establishing and maintaining a national digital asset stockpile. One of its responsibilities is to suggest criteria for the establishment of this reserve from cryptocurrencies that have beenseized by the government.
The order restricts the issuance and promotion of central bank digital currencies (CBDCs) in the United States, requiring government agencies to discontinue all programs and initiatives that are associated with this.
In a recent interview with FOX Business, Sacks underscored that the organization’s objective is to foster innovation in the cryptocurrency sector, rather than to drive it overseas. Joe Biden’s administration has failed to provide the sector with the necessary clarity in regulation, as he observed.
Sacks clarified that any judgment regarding the establishment of the national crypto reserve has not yet been made.
The document did not specifically address the first cryptocurrency, which shocked some supporters.
The term “digital assets” used in the order implies the possibility of including altcoins in the fund, despite the fact that commentators recalled Trump’s promise to establish a strategic Bitcoin reserve.
According to investor “Bitcoin Dad,” Bitcoin should be the sole asset included in the strategic “digital asset” inventory.
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