A newly established presidential task force on digital asset markets will work to develop a federal regulatory framework governing digital assets and examine the creation of a “strategic digital asset repository.”
The working group was formed by a executive order Signed by President Donald Trump, the White House said information sheet Released Thursday (January 23).
“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 executive order said. “It is therefore the policy of my administration to support the responsible growth and use of digital assets, blockchain technology and related technologies across all sectors of the economy.”
The task force will be chaired by the White House AI and crypto czar and will include the heads of relevant departments and agencies, including Treasury Department and the Securities Commission (SEC), according to the information sheet.
“The White House AI and crypto czar will engage leading experts in digital assets and digital markets to ensure the task force’s actions are informed by expertise beyond the federal government,” a indicated the information sheet.
The executive order also directs departments and agencies to identify regulations and other actions affecting the digital assets sector that should be rescinded or modified; prohibits agencies from doing anything to promote central bank digital currencies (CBDCs); and revokes the Biden administration’s digital assets executive order and the Treasury Department Framework for international engagement on digital assets.
The fact sheet said that the Biden Administration Actions that reversed “suppressed innovation and undermined U.S. economic freedom and global leadership in digital finance.”
Tackle the news, Brian Armstrongco-founder and CEO of Cryptocurrency Exchange Jammingsaid in a Thursday job On X: “Crypto executive order has landed – bullish!”
The creation of the working group came two days after the launch of the SEC crypto working group focused on developing a “comprehensive and clear” regulatory framework for crypto assets.
The SEC task force will help the commission “draw clear regulatory lines, provide realistic paths to regulation, craft sensitive disclosure frameworks And Deploy enforcement resources wisely,” the SEC said in a Tuesday (January 21) press release.
