During 2024’s presidential election, the crypto industry gave generously to Donald Trump, lobbying hard for him to win. Now that their guy is in the White House, they’re hoping he will deliver on his promise to make America the “world capital” of cryptocurrency. If the events of this week are any indication, it would appear that he’s doing his best to make good on that promise.
On Thursday, Trump signed yet another executive order that, while vague on the details, lays the groundwork for a crypto strategic reserve—something that crypto bros have long been asking for.
The order establishes a federal working group that will be devoted to investigating “the creation of a strategic national digital assets stockpile.” Such a stockpile would mimic America’s gold bullion reserve, the idea being that it could accrue in value over time and provide a source of ongoing wealth to the government. The order also establishes that the working group will be chaired by “the White House AI & Crypto Czar and include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.” Currently, America’s crypto czar is David Sacks, a tech billionaire who is friends with Elon Musk and who, according to a certain contingent, is one of the biggest assholes in Silicon Valley. Sacks is notably pro-crypto, as is Trump’s nomination for the Chairman of the SEC, Paul Atkins. Trump’s nomination for Treasury Secretary, Scott Bessent, has been slightly more agnostic so far.
At the same time, the working group will be devoted to developing a “Federal regulatory framework governing digital assets.” If the crypto industry’s preferences are to be respected, it stands to reason that this regulatory framework will not involve much regulation at all.
“President Trump will help make the United States the center of digital financial technology innovation by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations,” the executive order continues, vaguely. “President Trump’s policy vision marks an unprecedented step towards welcoming in a new era for digital financial technology; one in which President Trump’s administration will work towards ensuring innovation thrives, regulatory frameworks are clear, and economic liberty is protected.”
Biden’s administration notably introduced a wealth of regulations to deal with the ongoing financial instability and rampant scams plaguing the cryptocurrency industry. Trump now seeks to undo whatever regulatory efforts Biden enacted, as the EO revokes a number of those rules. “The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference,” the order says.
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