Trump Signs First Cryptocurrency Executive Order: Bans CBDCs, Supports Dollar Sovereignty
Powered by ChatGPTToday, U.S. President $Trump officially signed the executive order titled "Strengthening America's Leadership in Digital Financial Technologies". This executive action not only signifies the U.S. government's emphasis on the digital asset industry but also provides a clear policy framework for its future development. The core contents of this executive order include:
- Protecting crypto rights, such as developing and deploying related software, self-custody, trading, and mining.
- Prohibiting central bank digital currencies (CBDCs).
- Protecting dollar sovereignty and supporting dollar-backed stablecoins.
- Introducing a new regulatory framework 180 days later to regulate the issuance and operation of digital assets, and assessing the feasibility of establishing and maintaining a national digital asset reserve.
- All agencies must review existing rules affecting the digital asset industry within 30 days and submit recommendations on whether to repeal or amend existing regulations or guidance within 60 days.
Additionally, the executive order establishes a Presidential Digital Asset Market Working Group, led by Special Advisor on Artificial Intelligence and Cryptocurrency David Sacks, to coordinate actions across departments. The working group will submit a report to the President within 180 days, recommending regulatory and legislative proposals to advance the policies outlined in this order.
The potential impact of this order includes providing a more stable development environment for the digital asset industry, attracting more capital and talent into the field, and further consolidating the dollar's dominant position in the international financial system by promoting the global development of dollar stablecoins.