President Trump signs cryptocurrency executive order

Trump's order establishes a Presidential Working Group on Digital Asset Markets, which will develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national digital asset reserve. The working group will be chaired by the White House's AI and cryptocurrency czar, and will include the Secretary of the Treasury, the Chairman of the U.S. Securities and Exchange Commission (SEC), and heads of other relevant departments and agencies.

Additionally, the executive order prohibits agencies from establishing, issuing, or promoting central bank digital currencies, and directs other federal agencies and departments to provide the group with recommendations on digital asset regulations that should be revoked or modified. It also revokes the Biden administration's executive order framework regarding international engagement in the digital asset industry.

The White House announcement stated: "President Trump will stop the aggressive enforcement actions and overregulation that previous administrations took to suppress cryptocurrency innovation, helping the United States become the center of digital financial technology."

Previously, during his presidential campaign, Trump had declared that he would regulate the growing industry in a way favorable to cryptocurrency. Last summer, at a cryptocurrency conference he attended, he promised that if elected, the U.S. would become the "crypto capital of the planet" and the "world's bitcoin superpower."

The administration of former President Joe Biden, through then-SEC Chairman Gary Gensler, conducted a regulatory crackdown on the digital asset industry aimed at rooting out bad actors.

Gensler resigned from the SEC on inauguration day, and Trump appointed Republican SEC Commissioner Mark Uyeda as the agency's acting chairman, while his nominee for the new permanent chairman, Paul Atkins, awaits Senate confirmation.

President Trump appoints Mark Uyeda as acting SEC chairman

Uyeda's first official action was to establish a new crypto task force, led by Republican Commissioner Hester Peirce, often referred to as "Crypto Mom."

The task force will enhance dialogue with industry participants, focusing on drawing clear regulatory boundaries, providing practical registration pathways, developing sensible disclosure frameworks, and deploying enforcement resources to foster a more friendly regulatory environment.

It will also coordinate these activities with other federal agencies, including the Commodity Futures Trading Commission, which is preparing to play a larger role in cryptocurrency regulation.

Before the announcement, Bitcoin's price rose slightly on Thursday, up 0.35% to $104,043. Over the past month, Bitcoin's price has risen more than 8.6%.