by Frank Bergman, Slay News:
President Donald Trump has signed an executive order to prohibit the creation of a “digital dollar” in the form of a central bank digital currency (CBDC).
Trump’s order seeks to clarify regulations in the cryptocurrency industry to “secure America’s position as the world’s leader in the digital asset economy.”
The move establishes the Presidential Working Group on Digital Asset Markets.
The group will develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a strategic national digital assets stockpile.
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It will be chaired by the White House AI and crypto czar and include the treasury secretary and the chairman of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.
Additionally, the executive order prohibits agencies from establishing, issuing, or promoting central bank digital currencies.
It directs other federal agencies and departments to provide the group with recommendations about digital asset regulations that should be rescinded or modified.
It also revokes the Biden administration’s digital assets executive order framework for international engagement in the industry.
The order is seen as a major victory for advocates of cryptocurrencies, such as Bitcoin, and a huge blow to anti-freedom globalists pushing to eliminate physical cash.
“President Trump will help make the United States the center of digital financial technology by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations,” the White House announcement said.
As the president signed the order, Trump’s cryptocurrency czar David Sacks said the move will “make America the world capital of crypto.”
WATCH:
The executive order comes after Trump touted a crypto-friendly approach to regulating the growing industry during his presidential campaign.
He pledged at a crypto conference he attended last summer to make the U.S. the “crypto capital of the planet” and the “Bitcoin superpower of the world” if elected.
Trump is also planning to establish a federal Strategic Bitcoin Reserve.
Read More @ SlayNews.com
