Trump confirms his endorsement for cryptocurrency with new executive order
In a move set to redefine the crypto space, President Donald Trump signed an executive order on Thursday promoting the development of cryptocurrencies and blockchain technology in the United States. Joined in the Oval Office by venture capitalist David Sacks, Trump’s newly appointed cryptocurrency and artificial intelligence czar, the president emphasized the importance of digital assets in maintaining the nation’s economic and technological leadership.
“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,” the order states.
A shift in perspective
Once a vocal critic of cryptocurrencies, Trump’s stance has shifted significantly. His 2024 campaign attracted substantial contributions from crypto companies and investors, who accounted for nearly half of corporate donations during the election cycle.
Key provisions of the executive order include:
Exploring a National Digital Asset Stockpile: The order establishes a working group to evaluate the creation of a reserve of digital assets, potentially using cryptocurrencies lawfully seized by the federal government. Historically, such assets have been auctioned off, but Trump pledged during his campaign that his administration would retain all seized bitcoin for future use.
Protecting Blockchain Innovators: Developers, miners, and validators in the blockchain ecosystem will gain new protections, ensuring they can freely create, secure, and deploy blockchain technologies without fear of undue regulation or “persecution.”
Supporting Self-Custody Rights: The executive order defends individuals’ rights to manage their digital assets independently, using personal crypto wallets instead of relying on centralized platforms.
The future of stablecoins and the dollar
In a nod to strengthening the U.S. dollar’s dominance, the order promotes the growth of dollar-backed stablecoins—cryptocurrencies tied to the value of the dollar. This measure aims to bolster the global influence of the dollar while encouraging innovation in the financial sector.
A pro-crypto administration
Trump’s executive order marks the beginning of a broader effort to position the U.S. as a global leader in cryptocurrency innovation. His administration has already begun appointing pro-crypto officials to key positions:
Paul Atkins: Nominated to lead the Securities and Exchange Commission (SEC), Atkins is known for advocating market-friendly policies and opposing overregulation.
Hester Peirce: The SEC commissioner, nicknamed “Crypto Mom,” will head a new crypto task force to create innovation-friendly regulations.
Scott Bessent: A hedge fund manager and crypto advocate, Bessent is Trump’s pick for Treasury Secretary.
David Sacks, speaking at the Crypto Ball in Washington earlier this week, declared, “The war on crypto is over. This is just the beginning of America reclaiming its position as the world’s innovation leader.”
