The executive order bans the issuance of a CBDC and aims to assess the creation of a national digital asset reserve.
According to Fox Business, President Donald Trump has signed an executive order to strengthen the United States‘ role in the digital asset sector by establishing the “Presidential Working Group on Digital Asset Markets.” The initiative seeks to develop a federal regulatory framework for digital assets, evaluate the creation of a “national strategic reserve” based on seized cryptocurrencies, and block the introduction of a central bank digital currency (CBDC).
The working group and the role of David Sacks
The group, chaired by AI and crypto consultant David Sacks, will include the Treasury Secretary, the Attorney General, senior officials from the SEC and CFTC, as well as representatives from the Department of Homeland Security. Its primary tasks include:
- Defining regulatory guidelines for stablecoins and other digital assets, ensuring clarity for investors;
- Evaluating the creation of a national cryptocurrency reserve, potentially derived from assets seized by the federal government. Currently, the U.S. holds about 200,000 BTC confiscated in judicial operations. Notably, the term “stockpile” does not necessarily imply direct government purchases of digital assets but could merely formalize the possession of already-seized assets;
- Protecting access to banking services for crypto companies, addressing the “debanking” issues raised by firms like Coinbase.
Ban on CBDCs and protection of self-custody
The order explicitly prohibits federal agencies from developing or promoting a CBDC, labeling it a threat to “privacy, financial stability, and national sovereignty.” This move reverses the policies of the Biden administration, accused of stifling innovation through excessive regulations.
At the same time, the text guarantees citizens the right to use public blockchains for lawful activities, including mining, validation, and self-custody, without fear of persecution.
The political context and Trump’s promises
The order is part of Trump’s strategy to position the U.S. as the “global capital of cryptocurrencies,” sharply contrasting with the restrictive approach of the Biden era. Among the campaign promises fulfilled so far by the 47th President of the United States are:
- the pardon of Ross Ulbricht, founder of Silk Road;
- the dismissal of former SEC Chair Gary Gensler;
- blocking the creation of a CBDC by the Federal Reserve.
The task force will have 180 days to present recommendations to Congress, including a plan for the potential strategic reserve.
