President Trump Issues Executive Order to Create Working Group on Digital Assets

• The order is intended to set the direction of the White House digital asset policy, focusing on protecting and promoting digital asset users and developers without unlawful censorship, supporting the development of dollar-backed stablecoins, ensuring fair and open access to banking services, providing regulatory clarity based on technology-neutral regulations, and prohibiting Central Bank Digital Currencies (CBDCs).

"It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by: I) protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets," was stated in the order.

• The task force will be chaired by the 'crypto czar' David Sacks and will include the officials, or their designees of:

1. the Secretary of the Treasury;
2. the Attorney General;
3. the Secretary of Commerce;
4.  the Secretary of Homeland Security;
5.  the Director of the Office of Management and Budget;
6. the Assistant to the President for National Security Affairs;
7. the Assistant to the President for National Economic Policy (APEP);
8.  the Assistant to the President for Science and Technology;
9. the Homeland Security Advisor;
10. the Chairman of the Securities and Exchange Commission;
11. the Chairman of the Commodity Futures Trading Commission.

• The order states that the Working Group will propose a federal regulatory framework for the issuance and operation of digital assets, including stablecoins, in the United States. The group's report will consider market structure, oversight, consumer protection, and risk management provisions, as well as potential creation and management of a "national digital asset stockpile."

"The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts," the order states.

• The Chair of the group, David Sacks, will consult top experts in digital assets and markets to guide the task force with knowledge beyond the federal government.
• The Executive Order revokes the prior Administration's Digital Assets Order and the Treasury's International Engagement Framework, which hindered innovation and U.S. leadership in digital finance.
• Earlier today, Senator Cynthia Lummis was appointed to lead the Senate Banking Subcommitee on Digital Assets.

White House Press Release / Archive

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