Hold onto your digital hats, folks, because the Trump administration is shaking things up in the world of cryptocurrency! With an executive order hot off the press, the newly established Presidential working group on digital assets is bound to stir the pot.
This latest move promises to halt federal efforts towards those pesky central bank digital currencies (CBDCs) and even tosses in some high-profile pardons for good measure. But wait a minute—where's the buzz about the much-talked-about “strategic national Bitcoin stockpile?” You know, the one he hyped up at the Nashville BTC conference back in July? It seems to be mysteriously missing from the fine print.
Our insider, Fox reporter Eleanor Terrett, has been dishing out some juicy updates. It looks like this working group is gearing up to create a federal framework for digital assets, stablecoins included, and they're even considering a stockpile of digital goodies. But shockingly, Bitcoin isn't getting the spotlight it was promised. Bitcoin enthusiasts are shaking their heads, suggesting that this stockpile should be all about BTC.
Leading the charge is the AI & Crypto Czar David Sacks, with a team of top officials like the Treasury Secretary and the SEC Chairman backing him up. They're pulling in experts from the industry to make sure they get their facts straight.
In a bold move, the executive order is wiping the slate clean by nixing the previous administration's digital assets executive order and the Treasury’s international engagement framework, claiming they stifled innovation and economic leadership.
Oh, and let's not forget that Trump is putting the kibosh on any federal action to promote CBDCs. In his campaign promises to crypto supporters, he vowed to stop any federal moves towards CBDCs and made good on his word to grant a full pardon to Ross Ulbricht, the mastermind behind Silk Road.
While Trump's executive order is making waves toward his digital finance dreams, the power of U.S. presidents to enact certain laws and policies through executive orders is still a hot topic. Remember when Trump tried to revoke birthright citizenship? Yeah, that didn't fly, with a judge calling it “blatantly unconstitutional.”
Stay tuned, as the world of digital assets is about to get even more thrilling!
