White House Now Has a Crypto Working Group. Bullish or Bearish?President Donald Trump last week signed the White House’s first crypto-centric executive order after months of speculation and buzz, which led to a broad rise in crypto and a record for Bitcoin.
The new directive outlines a bold plan to strengthen American leadership in digital financial technology . In Trump’s words, “make America the crypto capital of the world.”
"The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation's international leadership," the order's preamble states. It’s a 180-degree turn from the near-constant battering the crypto industry endured during President Biden’s administration.
🤝 Who’s on the team?
The initiative will be headed by venture capitalist (and All-In podcast host) David Sacks, who Trump appointed as the White House crypto and artificial intelligence czar.
It will also include the heads of the Treasury Department, Justice Department, and Securities and Exchange Commission, among other agency bosses.
📌 What’s on the agenda?
While the order doesn’t go into much detail, it’s clear that its purpose is to pivot the US government to favor digital currencies .
In the first 180 days of the group’s existence, the participants will need to hammer out an overall federal strategy for regulating crypto assets and stablecoins. The report will then be presented to President Trump.
📦 Anything on a Bitcoin strategic reserve?
Bitcoin maxis were likely disappointed to see that there was no mention of Bitcoin BTCUSD in that order. Trump’s order didn’t announce the creation of a Bitcoin strategic reserve, which the President touted in the days leading up to the election (and then some more right after).
Instead, the executive action only calls for studying the creation of a national stockpile of digital assets (more than just Bitcoin?), rather than whipping one up straight away. The US already has about $21 billion worth of mostly Bitcoin, but some other coins as well.
🚀 What’s next?
The crypto working group now has 30 days to present its first report to the President. It will contain possible ways for the involved agencies to work together toward their goal of coming up with relevant pro-crypto policies.
👉 What do you think?
Do you think this new group will move together for the benefit of the broader crypto industry? Or maybe serve their interests first before working for the common good? Share your thoughts in the comment section!
