U.S. President Donald Trump signed a significant executive order on Thursday, emphasizing the advancement of cryptocurrencies and the potential creation of a national digital asset stockpile. Venture capitalist David Sacks, Trump’s appointed crypto and AI czar, stood by his side during the Oval Office signing.
Thank you for reading this post, don't forget to subscribe!“The digital asset industry is essential to innovation, economic growth, and the United States’ leadership on the global stage,” the order stated.
Trump, a former critic of cryptocurrencies, shifted his stance during the 2024 campaign, securing substantial financial backing from the crypto industry. Donations from crypto investors, companies, and executives accounted for nearly half of corporate contributions during the election cycle, propelling Trump to victory after a contentious term under former President Joe Biden.
Key aspects of the executive order include the establishment of a working group to explore a national digital asset stockpile, potentially sourced from cryptocurrencies seized by the federal government through law enforcement. Traditionally, the U.S. Marshals Service has auctioned seized assets such as bitcoin, ether, and litecoin.
During his campaign, Trump pledged to retain 100% of the federal government’s bitcoin holdings, emphasizing his commitment to safeguarding digital assets. However, the order did not explicitly reference bitcoin.
The document also prioritizes protecting blockchain users from undue prosecution and supports developers, miners, and validators who maintain the bitcoin network. Additionally, Trump committed to defending the rights of individuals to self-custody their digital assets, promoting the growth of dollar-backed stablecoins, and bolstering the U.S. dollar’s sovereignty.
Following his November victory, Trump has worked to appoint crypto-friendly leaders. Paul Atkins, known for his market-friendly stance, is nominated to lead the SEC, while Commissioner Hester Peirce, dubbed “Crypto Mom,” will oversee the agency’s new crypto task force. Hedge fund manager Scott Bessent, a vocal crypto advocate, has been tapped to head the Treasury Department.
Speaking at the Crypto Ball in Washington, D.C., Sacks declared, “The war on crypto is over. This is just the beginning of America reclaiming its position as the world’s innovation leader.”
