BTC/USD: Bitcoin Jumps to $105,000 as Trump Signs Crypto Executive Order. What’s That?

The order, flexing a grand-sounding name, seeks to make crypto a big force in the US where digital assets play a “crucial role.”

🔥 Crypto Executive Order Drops

• Bitcoin prices BTCUSD rushed to reclaim the $105,000 handle after Donald Trump late on Thursday signed the keenly anticipated executive order on crypto. What’s so special about it and did it meet industry expectations?
• The order, under the big title Strengthening American Leadership in Digital Financial Technology, sets up a crypto working group tasked with the responsibility to propose a federal regulatory framework that deals with the issuance and operation of cryptocurrency.

🤷🏼‍♀️ Bitcoin Strategic Reserve? Maybe.

• The Bitcoin strategic reserve, which powered Bitcoin to record when it was first revealed as a concept, was also there (even if Bitcoin wasn’t explicitly mentioned). The order calls for the group to evaluate “the potential creation and maintenance of a national digital-asset stockpile, and propose criteria for establishing such a stockpile.”
• This crypto advisory council was also given extraordinary authority. The order asks the Treasury Department, the Securities and Exchange Commission and the Justice Department (and other relevant departments) to send over all regulations and guidance that affect crypto within 30 days.

🧐 Reactions Across the Board

• This crypto taskforce has 180 days to hammer out a legislative proposal on how they intend to regulate and govern cryptocurrency. The industry has big hopes for that one so anything that this team presents will be closely scrutinized by industry participants.
• Bitcoin and other popular crypto assets advanced early Friday with the overall market valuation hitting $3.6 trillion. Ethereum, the second-largest token, climbed to $3,400 a piece and XRP neared $3.20.