- The crypto working group aims to make the US the world crypto capital under Trump’s leadership
- If implemented, the working group would prohibit the issuance and circulation of a US CBDC
- The working group is also expected to explore the potential of a national crypto stockpile
President Donald Trump signed an executive order on Thursday establishing a crypto working group designed to boost the advancement of crypto in the US.
Signing the order on TV, Trump appeared with his AI and crypto czar David Sacks who spoke about the order to the president. Sacks, who will be leading the working group, said: “we’re going to be forming an internal working group to make America the world capital under your leadership.”
If introduced, the working group will include the US Treasury secretary, attorney general, chairs of the SEC and Commodity Futures Trading Commission (CFTC), along with other agency heads.
Part of the signed order reads: “The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.”
Some of its policies include providing regulatory clarity and protecting the US dollar through the development of lawful dollar-backed stablecoins worldwide. The working group also seeks to prohibit “the establishment, issuance, circulation, and use of a [central bank digital currency] within the jurisdiction of the United States.”
Last week, Scott Bessent, Trump’s pick for US Treasury secretary, said he sees “no reason” for the US to have a central bank digital currency (CBDC). Bessent said a CBDC “is for countries that have no other investment alternatives.”
The working group is also set to explore the potential of a crypto stockpile “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
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