Trump signs an executive order on crypto, moving closer to the strategic reserve of Bitcoin

Key Takeaways

Trump issued an executive order establishing a Presidential Task Force on Digital Asset Markets, moving closer to the strategic reserve of Bitcoin.
Speculation grows on Bitcoin's strategic reserve as Cynthia Lummis leads efforts in bipartisan digital asset legislation.

President Donald Trump has signed an executive order establishing the Presidential Task Force on Digital Asset Markets.

The order aims to improve federal regulations for digital assets, including stable.

Additionally, the task force will evaluate the creation of a strategic national digital asset reserve, fueling speculation about a potential Bitcoin reserve.

The executive order states that this stockpile may come from crypto assets that have been lawfully seized by the Federal Government through its law enforcement efforts.

At press time, Arkham data shows that the US Government has $21 billion in seized digital assets, mostly consisting of Bitcoin, with over 198,000 BTC in its wallets. These seized assets could be transferred or used to create the stock.

David Sacks, the White House AI & Crypto Czar, will chair the working group, which includes the Secretary of the Treasury and the Chairman of the SEC.

The order specifically prohibits federal agencies from promoting or establishing central bank digital currencies and reverses previous administrative policies on digital assets.

The order mentions a national digital asset repository that could have started discussions on the establishment of a strategic Bitcoin reserve.

Adding to the motion, was Senator Cynthia Lummis selection chairman of the Senate Banking Subcommittee on Digital Assets earlier today.

In the snow name that the subcommittee's priorities include passing bipartisan legislation to encourage responsible digital asset innovation and exploring the establishment of a strategic Bitcoin reserve.

She also vowed to closely monitor Federal financial regulators to prevent initiatives like Operation Chokepoint 2.0 from reoccurring.

Bitcoin responded to the news with a 2% rise to $106,300 before settling at $105,000.

Trump, speaking via live stream at the World Economic Forum in Davos, said his administration aims to make the US the “capital of the world” of crypto.

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