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President Donald Trump has signed a highly anticipated executive decree Late Thursday, creating a working group on digital assets which will be responsible for the implementation of the potential regulations of the sector and the evaluation of a stock of national cryptocurrency.
The order makes the promises that Trump made on the campaign track, starting with the creation of a National Bitcoin Strategic Reserve – And comes as the president and his family deepened the links and the growing personal financial issues in the cryptographic industry.
The White House said that the order aims to “provide regulatory clarity and certainty based on neutral and neutral regulations, executives that take into account emerging technologies, transparent decision -making and well -defined jurisdictional regulatory boundaries. »»
The group, led by the Special AI and Crypto Advisor, will have 30 days to identify all regulations, orientation documents, orders and other elements that affect the digital asset sector.
In the 60 days, the chiefs of nearly a dozen federal agencies will have to submit regulatory recommendations to the president. And at 180 days, the working group must submit a report to the president with their policy suggestions, including the potential creation and maintenance of a stock of national digital assets.
Find out more: Bitcoin and crypto have a lot of terms. We have a glossary for what you need to know
This process should help the traditional cryptocurrency in the United States, as organizations of exchange platforms for traditional financial institutions have long waited for clearer regulations around the booming industry.
Bank of America (Bin+ 0.86%) CEO, Brian Moynihan, said on Tuesday at the Davos World Economic Forum in Switzerland, that if the administration deploys new rules, the banking industry become an active player By offering cryptographic payments. Moynihan added that the second largest American bank by assets is ready to enter the field when the time comes.
Speaking on a panel In Davos, Coinbase (COIN-7.74%) CEO Brian Armstrong said that the legislation in the congress bring new investments to cryptocurrencies. And the CEO of Binance, Richard Teng, echoes these feelings, predicting that the cryptography market will reach a new summit of all time this year thanks to a “much clearer regulations” of the Trump administration.
Bitcoin, the largest cryptocurrency in volume, increased by almost 4% on Friday morning, worth $ 105,423 each.
Other key parties of the order included the decline in an executive decree of the Biden era which encouraged the government to seek and develop a digital currency from the Central Bank. Last year, Trump sworn Prohibit the development of these digital assets to “protect Americans from government tyranny”.
In order, the White House said that the Central Bank’s digital currencies “threaten the stability of the financial system, individual privacy and sovereignty of the United States”.
In the past year, Trump has put his name on a certain number of crypto projects, more recently A piece of $ Trump Launched a few days before its inauguration. Last October, Trump spear World Liberty FinancialOne alongside his sons and other business partners. This platform has already Sold several collections of non -buttocksand made a Additional cryptocurrency number Monday.
A dry pro-Crypto
In another decision welcomed by the cryptography industry, the Securities and Exchange Commission on Thursday announced on Thursday that it revoked accounting advice forcing companies holding digital assets on behalf of others to account as liabilities. It made them more expensive to do so.
Who came in the heels of the dry launch of a “crypto working group”, responsible for developing a “sensible regulatory path that respects the limits of the law,” said the agency press release. The working group will be led by the Commissioner Hester PeirceNicknamed “Crypto Mom” after having disappeared from the dry rejection of a Bitcoin negotiated fund.
This announcement, the first publication of the acting president, Mark Uyeda, also denounced the previous actions of the dry under President Gary Gensler, a fierce cryptography critic that resigned on Monday.
Gensler and his dry have aroused strong criticism from the defenders of cryptography for their hard position on the industry. Under its direction, the SEC has taken large -scale affairs against a certain number of main cryptography players, such as Jamming And Binance; 18% of the total complaints of the dry people were linked to the crypto.
Uyeda, commissioner since 2022 with a term expired in 2028, was appointed Interim commissioner earlier Tuesday. In November, at the time when he was considered a competitor to take control of the SEC as president, he told Fox Business that the “war against the cryptography of the dry ends”.
If he is confirmed by the Senate, he will be replaced by Paul Atkins, which Trump appointed to lead the dry. Atkins, a consultant who was used for the last time at the dry under the administration of George W. Bush, is a friendly face in the hall of cryptography. He heads the digital room Token allianceWho advocates the “best practices” for the cryptographic industry and has opposed massive fines against companies that violate securities law. The declared objective of the digital chamber is to “promote the acceptance and use of digital assets” and blockchain technology.
Atkins also expressed his support for dismantling Dodd-tanwhich strengthened the federal regulatory authority following the disastrous financial crisis of 2008.
– William Gavin contributed to this article.
