Key Takeaways
- President Trump signed an executive pushing a move toward establishing a 'digital asset stockpile'.
- The order directs federal agencies to establish friendly policies.
- Regulators clairfy this is more than a beginning than and end to the regulatory process.
President Donald Trump has signed a long-anticipated executive order outlining his administration’s vision for the U.S. Bitcoin and digital asset industry.
This order directs federal agencies to create policies that support Bitcoin’s integration into the economy and aims to establish a “digital asset stockpile,” according to Bloomberg.
Background
While executive orders often lack significant legal weight, this action signals the administration’s intent to move away from the restrictive oversight that has hampered Bitcoin businesses in the past.
Regulators, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), are reportedly preparing to loosen the enforcement-heavy approach of previous years.
Tensions
Tensions had grown within the Bitcoin & crypto sector as the industry awaited the order, especially after Trump’s initial executive orders did not address digital assets.
The delay had raised questions about whether his administration would fulfill its pro-Bitcoin promises.
Clarity
David Bailey, CEO of Bitcoin Magazine, responded to speculation about the scope of the proposed “digital asset stockpile,” tweeting, “People, it’s a bitcoin stockpile.”
According to Bailey, this clarifies the administration’s focus on Bitcoin, as opposed to other digital currencies, although whether other coins may be included in the stockpile remain unclear.
While Trump’s executive order represents an initial step, fully realizing a regulated U.S. Bitcoin framework will require cooperation from Congress, regulatory agencies, and the courts.
