Professional Capital Management founder and CEO Anthony Pompliano on the Trump administration launching a crypto taskforce and the formation of the Stargate AI project.
President Donald Trump on Thursday signed an executive order that seeks to clarify regulations in the crypto industry to “secure America’s position as the world’s leader in the digital asset economy,” FOX Business has learned.
Trump’s order establishes the Presidential Working Group on Digital Asset Markets, which will develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national digital assets stockpile. It will be chaired by the White House AI and crypto czar and include the treasury secretary and the chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.
Additionally, the executive order prohibits agencies from establishing, issuing or promoting central bank digital currencies, and directs other federal agencies and departments to provide the group with recommendations about digital asset regulations that should be rescinded or modified. It also revokes the Biden administration’s digital assets executive order framework for international engagement on the industry.
“President Trump will help make the United States the center of digital financial technology by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations,” the White House announcement said.
SEC LAUNCHES CRYPTO TASK FORCE TO CREATE REGULATORY CLARITY
President Donald Trump campaigned on boosting the U.S. crypto industry. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)
The executive order comes after Trump touted a crypto-friendly approach to regulating the growing industry during his presidential campaign. He pledged at a crypto conference he attended last summer to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower of the world” if elected.
“This is a huge development for Bitcoin and digital assets. We’re coming off of four years of the Biden administration trying to, you know, effectively shut down and push out the entire cryptocurrency ecosystem from the United States. So they now have this kind of support. The support from the highest levels of government legitimizing the importance and the promise of this technology is incredibly important for our economic security and our national security” Perianne Boring, The Digital Chamber founder and CEO, told FOX Business following the announcement.Â
Former President Joe Biden’s administration, through then-SEC Chair Gary Gensler, carried out a regulatory crackdown on the digital assets industry in an effort to root out bad actors.Â
Gensler resigned from the SEC on Inauguration Day and Trump appointed SEC Commissioner Mark Uyeda, a Republican appointee, as the agency’s acting chair while his nominee to serve as the new permanent chair, Paul Atkins, awaits Senate confirmation.Â
PRESIDENT TRUMP APPOINTS MARK UYEDA ACTING SEC CHAIR
Uyeda’s first official action was to create a new crypto task force led by GOP Commissioner Hester Peirce, often referred to as “Crypto Mom.”Â
The task force will foster a dialogue with industry players to promote a friendlier regulatory environment by focusing on drawing clear regulatory lines, providing realistic paths to registration, crafting sensible disclosure frameworks and deploying enforcement resources.Â
It will also coordinate those activities with other federal agencies, including the Commodity Futures Trading Commission, which is poised to take on a larger role in crypto regulation.
Bitcoin prices were up slightly on Thursday in advance of the news, before pulling back slightly. The largest cryptocurrency by market value remains north of the $100,000 level. This year, prices have gained over 10%.
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FOX Business’ Edward Lawrence and Eleanor Terrett contributed to this report.