- President Trump signed an executive order to create a digital asset stockpile and ban CBDCs, promoting crypto as a national priority.
- The order establishes a working group led by Crypto Czar David Sacks to develop regulations and evaluate Bitcoin and other strategic reserves.
- Trump’s memecoin launch boosted Solana and Bitcoin to record highs, while Ethereum saw gains from Trump-backed financial initiatives.
In a major move, President Donald Trump signed an executive order creating the Presidential Working Group on Digital Asset Markets, tasked with developing a regulatory framework for digital assets and evaluating a national digital asset stockpile.
Digital Asset Stockpile and Federal Oversight
The working group, led by Trump-appointed Crypto Czar David Sacks, includes high-ranking officials such as the Treasury Secretary, SEC Chair, and CFTC Chair. Their mission includes assessing regulations, protecting self-custody and mining rights, and banning central bank digital currencies (CBDCs) in the U.S. The potential stockpile may include cryptocurrencies seized by law enforcement, with plans to explore strategic reserves of Bitcoin and other assets like USDC, SOL, and XRP.
Crypto as a National Policy Priority
The Trump administration emphasized the importance of blockchain and digital assets for innovation and economic growth, declaring crypto a national policy priority. Trump also vowed to end restrictive measures like Operation Choke Point 2.0, promote fair access to banking for crypto firms, and appoint crypto-friendly leaders in financial regulation.
Memecoins and Crypto Surge
Following the order, Trump’s TRUMP and MELANIA memecoins caused a stir, with TRUMP hitting a $15 billion market cap and Solana (SOL) soaring to new highs. This comes amid unconfirmed rumors of a Bitcoin reserve announcement, which helped push Bitcoin to a record $109,000 earlier this week. Meanwhile, Ethereum saw a boost as Trump-backed World Liberty Financial expanded its crypto holdings, including several Ethereum Name Service (ENS) domains.
