Trump Establishes Presidential Crypto Initiative with Bold Plans for U.S. Digital Asset Leadership
Former President Donald Trump has unveiled an ambitious strategy to position the United States as a global leader in the digital asset space, signing an executive order to form the "Presidential Working Group on Digital Asset Markets." This initiative, as reported by Fox Business, aims to develop a federal regulatory framework for digital assets, including stablecoins, and create a "strategic national digital assets stockpile."
The working group will be chaired by Trump-appointed crypto advocate David Sacks and will include prominent figures such as Treasury Secretary nominee Scott Bessent, a hedge fund manager known for his crypto-friendly stance. Bessent, who has previously expressed enthusiasm about Trump’s embrace of cryptocurrency, awaits Senate confirmation to lead the Treasury.
A National Crypto Agenda
The executive order goes beyond regulation, explicitly blocking the development of a central bank digital currency (CBDC) while directing federal agencies to collaborate on digital asset policies. Reports indicate the initiative may evolve into a crypto council featuring up to 100 members, including industry leaders, to provide expertise and guidance.
Bitcoin and a Strategic Reserve
The order signals Trump’s intent to make cryptocurrency a "national policy priority," with discussions on establishing a Bitcoin-focused reserve. The reserve may include funds seized from illicit activities and potentially expand through additional acquisitions. This aligns with earlier proposals by Senator Cynthia Lummis advocating for a U.S. national Bitcoin reserve targeting 1 million BTC ($108 billion) over five years.
Currently, the U.S. holds approximately 198,109 BTC ($21 billion) from criminal seizures, making it the largest known nation-state Bitcoin holder. Trump has also voiced support for prioritizing U.S.-based coins like USDC, SOL, and XRP in building the strategic reserve.
Market Impact and Policy Goals
Ahead of the announcement, Bitcoin surged to an unprecedented $109,000, fueled by speculation about Trump’s plans. The executive order also promises sweeping reforms, including appointing a pro-crypto SEC Chair, repealing controversial regulations like SAB 121, and transforming the U.S. into a Bitcoin mining powerhouse.
Trump’s Memecoin Revolution
Adding to the buzz, Trump launched the TRUMP and MELANIA memecoins during the Crypto Ball in Washington, with TRUMP achieving a market cap of $15 billion within days. The coins, built on Solana, catalyzed a price surge for SOL, while Ethereum saw mixed results, bolstered later by purchases from Trump-backed World Liberty Financial.
This initiative cements Trump’s vision of a crypto-centric economic future, reflecting his commitment to integrating digital assets into national policy while reshaping the global cryptocurrency landscape.