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US Presidential Working Group on Digital Asset Markets Established
A significant development has taken place in the cryptocurrency industry, with President Donald Trump signing an executive order to establish a dedicated working group focused on digital assets. This move aims to strengthen U.S. leadership in digital finance.
The Presidential Working Group on Digital Asset Markets
The newly formed working group will be responsible for developing a federal regulatory framework for digital assets, including stablecoins. Additionally, the group will evaluate the feasibility of a national digital assets stockpile. Chaired by the White House AI & Crypto Czar, David Sacks, the group will comprise key officials such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, alongside other agency heads.
Key Objectives and Collaboration
The executive order emphasizes collaboration with industry experts to ensure that cutting-edge insights inform policies. The order also directs agencies to review and recommend changes to existing regulations that impact the digital asset sector. Moreover, the order prohibits any federal action to create or promote central bank digital currencies.
SEC Cryptocurrency Task Force
In conjunction with the executive order, the U.S. Securities and Exchange Commission (SEC) has announced the formation of a cryptocurrency task force. This group is tasked with creating a regulatory framework that provides legal clarity for crypto assets, addressing longstanding industry concerns about ambiguous regulations.
Key Takeaways
- The Presidential Working Group on Digital Asset Markets will develop a federal regulatory framework for digital assets.
- The group will evaluate the feasibility of a national digital assets stockpile.
- Collaboration with industry experts is emphasized to inform policies.
- The SEC has formed a cryptocurrency task force to provide legal clarity for crypto assets.
“The executive order repeals the Biden Administration’s Digital Assets Executive Order and the Treasury Department’s international framework, citing concerns over their restrictive impact on innovation and U.S. economic competitiveness in global digital finance.”
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