Trump's Cryptocurrency Crusade: Executive Order Shakes Digital Asset Regulations

President Donald Trump has signed an executive order to form a cryptocurrency working group focused on developing a new regulatory framework for digital assets and exploring the creation of a cryptocurrency stockpile. This contrasts with the Biden administration's stricter stance on crypto regulation.

In a move set to redefine the landscape of digital asset regulation, U.S. President Donald Trump signed an executive order on Thursday establishing a working group dedicated to cryptocurrencies. This group is tasked with proposing new regulatory guidelines and evaluating the potential for a national cryptocurrency stockpile.

Unlike the current Biden administration, which has been tough on crypto firms by initiating legal actions against platforms like Coinbase and Binance, Trump's order also mandates the protection of banking services for these companies. The initiative explicitly bans the establishment of central bank digital currencies to avoid competition with existing cryptocurrencies.

With significant figures such as David Sacks, a former PayPal executive, appointed as the crypto czar, the working group could bring cryptocurrencies into the mainstream if their recommendations are implemented. Industry experts suggest this could mark a transformative period in the regulatory landscape for digital assets.

(With inputs from agencies.)