On Thursday, U.S. President Trump signed an executive order establishing a cryptocurrency task force, tasked with proposing new regulations for digital assets and exploring the possibility of creating a national cryptocurrency reserve. This fulfills his campaign promise to rapidly reform U.S. cryptocurrency regulatory policies and to recognize Bitcoin as a strategic reserve asset. Trump also called for the protection of banking services for cryptocurrency companies and banned the establishment of central bank digital currencies (CBDCs) that could compete with existing cryptocurrencies.

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On Thursday, U.S. President Trump signed an executive order establishing a cryptocurrency task force responsible for proposing new digital asset regulations and exploring the possibility of creating a national cryptocurrency reserve. This fulfilled his campaign promise to rapidly reform U.S. cryptocurrency regulatory policies and position Bitcoin as a strategic reserve asset. Trump also called for the protection of banking services for cryptocurrency companies and prohibited the establishment of central bank digital currencies (CBDCs) that may compete with existing cryptocurrencies.

The task force includes the Secretary of the Treasury and chairs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, and it will develop a regulatory framework for digital assets such as stablecoins. Additionally, the task force will assess the possibility of establishing a national cryptocurrency reserve, which could include cryptocurrencies legally seized by law enforcement agencies, such as Bitcoin assets seized from the Silk Road on the dark web, which will no longer be auctioned but confiscated by the U.S. government. Market analysts believe this move, outside the existing regulatory framework, may require authorization from Congress.

Trump appointed venture capitalist and former PayPal executive David Sacks as the head of cryptocurrency and artificial intelligence, responsible for leading the task force. This measure is similar to the previously established task force within the SEC, but both are currently at the "organizational formation" stage, with no clear next steps for regulatory easing yet. Bitcoin reached a historic high of $109,000 in anticipation of the new policy but fell back to around $103,000 by Thursday afternoon.

Trump Signs Executive Order to Establish Cryptocurrency Task Force