U.S. President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on January 23, 2025.
Kevin Lamarque | Reuters
President Donald Trump signed an executive order Thursday aimed at promoting the development of cryptocurrencies in the United States and working toward the potential development of a national stockpile of digital assets.
Venture capitalist David Sacks, whom Trump chose as crypto and artificial intelligence czar, joined Trump in the Oval Office for the order signing.
“The digital assets industry plays a crucial role in innovation and economic development in the United States, as well as our country’s international leadership,” the order states.
Trump, who was a critic of crypto during his first administration, changed his tone on the campaign trail and attracted significant industry contributions after four tumultuous years under then-President Joe Biden . Crypto investors, companies and executives accounted for nearly half of corporate donations during the 2024 election cycle, with some contributing tens of millions of dollars to help Trump win a second term.
The majority of the order focuses on establishing technologies and rules around cryptography and its development in the United States. One key component is the creation of a task force to examine a national stockpile of digital assets, “potentially derived from cryptocurrencies legally seized by the federal government through its law enforcement efforts.”
Historically, the US Marshals Service auctioned seized items bitcoinas well as other cryptocurrencies such as ether And litecoin. Trump promised on the campaign trail that if he returned to the White House, he would ensure that the federal government never sold its bitcoin holdings, although Thursday’s order did not mention bitcoin.
“If elected, it will be the policy of my administration, the United States of America, to retain 100% of all bitcoin that the United States government currently holds or acquires in the future,” he said in July during a speech at Bitcoin. Conference in Nashville, Tennessee.
The order goes on to outline other key priorities for the digital assets industry, including protection against “persecution” of individuals and private sector companies that use blockchain networks. The document lays out some protections for developers and miners, noting that they should be able to freely “develop and deploy software” as well as “participate in mining and validation,” a nod to the technicians securing the Bitcoin network.
The president also pledged to defend the rights of those who choose to keep their digital assets on their own. This means they do not rely on a centralized entity like Coinbase to hold their tokens and instead use personal crypto wallets, which are sometimes beyond the reach of the Internal Revenue Service.
The order focuses on promoting U.S. dollar sovereignty by supporting the growth of legitimate, dollar-backed stablecoins globally.
Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency industry.
Paul Atkins has been named chairman of the Securities and Exchange Commission. Atkins, a former SEC commissioner, is known for advocating market-friendly policies and opposing heavy-handed regulation. If confirmed, he will succeed Gary Gensler, whose aggressive enforcement of crypto regulations made him a divisive figure in the industry.
Earlier this week, the SEC announced the formation of a new “Crypto Task Force,” led by Commissioner Hester Peirce. Nicknamed “Crypto Mom” for her wholehearted support of digital currencies, Peirce has long championed a regulatory framework that promotes innovation rather than hindering it.
Scott Bessent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department. Bessent attended the Crypto Ball in Washington on Friday, an event that brought together lawmakers, cabinet members and industry leaders and highlighted the administration’s plan to make the United States a global crypto leader. innovation in digital assets.
Sacks told the crowd gathered in the packed Mellon Auditorium Friday evening that “the war on crypto is over.”
“This is just the beginning for America to reclaim its position as a global innovation leader,” Sacks said.
