Days after assuming role at the Oval Office, 47th US President Donald Trump is fulfilling his campaign promises one by one, as he signed the executive order on Thursday to promote the advancement of digital assets in the country.
Trump aims to make America the world leader in crypto, and this marks as an unprecedented step taken by any US president.
Trump was accompanied by David Sacks in the Oval Office during the signing of the executive order. Trump has trusted David Sacks to oversee the transformation of how crypto and artificial intelligence will be regulated and integrated in the American industry by making him crypto and AI czar.
The digital asset industry plays a crucial role in innovation and economic development in a nation’s international leadership. Hence the purpose of the new order is to ensure that the administration supports the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the American economy.
The executive order focuses on several key areas surrounding the establishment of crypto technologies, their rules, and their development in the US.
One key order is to create a working group to consider a national digital asset stockpile. The Working Group shall be chaired by the Special Advisor for AI and Crypto (Chair).
In addition to the Chair, the Working Group shall include the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Assistant to the President for National Security Affairs, the Assistant to the President for National Economic Policy (APEP), the Assistant to the President for Science and Technology, the Homeland Security Advisor, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading.
The executive order also prioritizes the digital asset industry, including protecting individuals and private sector companies that use blockchain networks from persecution. Protect developers so that they are able to freely work on the development and deployment of software on blockchain technology.
It also plans to safeguard Americans who wish to participate in crypto mining or validating by running their own nodes.
The president also promises to protect the rights of people who choose to keep their digital assets in self-custody crypto wallets instead of custodians like Coinbase or Kraken.
The order also plans to promote the development of dollar-backed stablecoins and put a ban on CBDC.
Also Read: How Trump’s Executive Order Could Impact Solana’s Growth?
