United States President Donald Trump signed an executive order on January 23 to promote the growth and responsible use of digital assets in the cryptocurrency industry. The order’s regularizes points to a clear pro-crypto stance and sets the stage for regulatory reforms that can revolutionize the industry.
Executive Order Highlights:
They are the new working group of the Treasury Secretary, SEC Chair, and Trump-appointed “Crypto Czar” David Sacks to develop a federal regulate ‘Em framework for digital assets. The group will also consider creating a U.S. National Cryptocurrency Stockpile, to retain strategic digital assets.
The CFTC’s executive order prohibits US agencies from supporting or developing CBDCs.
This gives government agencies a month to review existing regulations related to cryptocurrency to see if any might stifle innovation. The deadline for filing any proposed changes is 60 days.
Trump’s order overwrites the Biden administration’s digital asset executive order and the framework it generated for engaging internationally on digital assets.
The executive order has also been praised by the crypto community as a step in a positive direction regarding regulatory clarity. A big collection of experts including Avichal Garg, co-founder of Electric Capital, believe it will insulate the industry against overregulation while granting U.S. citizens more control and impact over their digital assets.
President Trump’s move to direct attention towards “Made in America” cryptocurrencies may also be good news for Solana, an American-based blockchain solution. Perhaps increasing adoption of the $SOL, Trump hinted at abolishing capital gains tax on US-minted digital assets.
David Sacks, Trump’s Crypto Czar, is a notable early investor in Solana. While that should not necessarily be a consideration about whether $SOL should have a place in the national crypto stockpile, it is, after all, a deceased currency that fact further highlights the platform’s relevance in Trump’s crypto worldview.
In addition, the $TRUMP token, recently launched by Trump’s team on Solana, points out an easy-to-use interface and the large number of markets available.
While the executive order itself does not materially change the regulatory landscape, it shows the administration’s willingness to collaborate with the crypto industry. In this way, the U.S. is paving the road to becoming a worldwide leader in building its blockchain and digital assets ecosystem, redirecting its energies toward innovations and deploying transparent legislation endeavored to defining framework.
Also Read: Elizabeth Warren Demands Investigation Into Trump Memecoins
