American President Donald Trump signed a long-awaited executive order on digital assets aimed at creating favorable conditions for the development of the industry in the USA and the formation of a national reserve of digital assets.
After several days of intense anticipation from the crypto sector, the president finally unveiled his first significant step towards forming a cryptocurrency policy. The order calls for the creation of a working group led by the White House Advisor on Artificial Intelligence and Cryptocurrencies David Sacks. The group will include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission (SEC), and other relevant department heads.
After years of legal battles with federal authorities, Trump's order could allow the digital asset sector to develop in the USA within a more favorable system set by the White House. The document repeals the previous administration's executive order on digital assets and the structure of the Treasury Department's international interaction in the area, which the new leadership believes constrained innovation and undermined the economic freedom of the USA and global leadership in digital finance.
According to Bloomberg, market regulators, including the SEC and the Commodity Futures Trading Commission, are already preparing to change their approach to overseeing companies working with digital assets. This marks the end of a long period of strict restrictions set by the previous department leadership.
While executive orders themselves do not have direct legal power, they set the political course for the administration. Comprehensive regulation of the crypto industry in the USA will require a combination of legislative acts from Congress, regulatory rules from governing bodies, and appropriate federal court decisions.