US President Donald Trump has taken the first step towards developing crypto policy by issuing a long-awaited executive order on digital assets. The document does not have much legal weight, but it is considered important in the crypto sector.
US President Donald Trump has taken the first step towards developing crypto policy by issuing a long-awaited executive order on digital assets. The document does not have much legal weight, but it is considered important in the crypto sector.
Trump’s executive order, issued Thursday, could allow the digital asset sector to move forward in the U.S. under a more favorable environment set by the White House. Such orders are more the beginning than the end of federal policy, but the president has taken the first step, CoinDesk writes .
The order says it will protect Americans from prosecution who develop software, or are miners or validators, or carry out other operations "for legitimate purposes."
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The executive order created a task force chaired by cryptocurrency and artificial intelligence adviser David Sachs. While the executive order does not specifically call for the creation of a strategic reserve of bitcoins, it directs the task force to “evaluate the feasibility of establishing and maintaining a national reserve of digital assets.” The task force must identify all current regulations that apply to cryptocurrencies within 30 days, recommend that they be amended or repealed within 60 days, and submit a report with new recommendations within 180 days.
Trump's order further prohibits any action to create, issue, or promote a central bank digital currency (CBDC) within the jurisdiction of the United States or abroad.
He also repealed former President Joe Biden's 2022 executive order on cryptocurrencies.
