Former President Donald Trump has made a sweeping move to reshape America’s cryptocurrency landscape with a new executive order signed on January 23, 2025. The order establishes federal policies supporting the digital assets industry while promoting U.S. dollar sovereignty through stablecoins. In a notable stance, the order explicitly prohibits the development of Central Bank Digital Currencies (CBDCs).
A key component of this initiative is the creation of a Presidential Working Group within the National Economic Council. The group brings together representatives from various federal agencies to examine existing regulations and develop a new framework for the digital asset industry. Their mission includes evaluating the potential for a national digital asset reserve. The Working Group must complete an inventory of regulations by February 22, 2025.
Leading this effort is newly appointed Crypto Czar David Sacks, a prominent venture capitalist and tech entrepreneur. Sacks, who chairs the Presidential Working Group on Digital Asset Markets, held his first press conference on February 4, 2025. During the briefing, he outlined the administration’s plans for thorough crypto regulation that aims to provide clarity for industry participants. The administration’s commitment includes a plan to establish Bitcoin stockpile reserves of 4 million BTC. The initiative will include the launch of spot Bitcoin ETFs to provide regulated investment access through traditional stock exchanges.
David Sacks steps into cryptocurrency leadership role, bringing venture capital expertise to shape federal digital asset policies and regulations.
The initiative has gained strong bipartisan support in Congress, with lawmakers forming a special bicameral committee focused on cryptocurrency legislation. The committee is prioritizing a stablecoin bill and federal regulatory framework, building upon Senator Hagerty’s previous stablecoin legislation and incorporating elements from the Financial Innovation and Technology for the 21st Century Act.
Congressional leaders have expressed their commitment to passing these bills within the administration’s first 100 days. This timeline reflects the urgency felt by both parties to establish clear guidelines for the growing digital asset industry.
The combined efforts of the executive branch, led by Sacks and the Working Group, along with bipartisan congressional support, signal a significant shift in the U.S. government’s approach to cryptocurrency regulation. This coordinated push aims to position America as a leader in digital asset innovation while maintaining strong regulatory oversight.
