President Donald Trump signed a significant executive order on Thursday to advance the cryptocurrency industry in the U.S. and explore the potential creation of a national digital asset stockpile.
Trump was joined by David Sacks, a venture capitalist he appointed as his crypto and AI czar, in the Oval Office for the signing.
Trump’s Shift Toward Crypto Support
The executive order highlights the importance of digital assets in driving U.S. economic growth and reinforcing global leadership. This move marks a shift in Trump’s stance, as he was once a critic of cryptocurrency. During his 2024 campaign, Trump attracted substantial support from the crypto industry, which played a major role in his election. In fact, crypto investors, companies, and executives contributed heavily to Trump’s campaign, funding nearly half of corporate donations.
Creating a National Digital Asset Stockpile
A major element of the order is the formation of a working group to explore the creation of a national digital asset stockpile. This stockpile could potentially include cryptocurrencies seized by federal authorities. Historically, the U.S. Marshals Service has auctioned off seized cryptocurrencies, including bitcoin, ether, and litecoin.
Trump has previously stated that if re-elected, he would ensure that the U.S. government never sells its bitcoin holdings. “If I am elected, it will be the policy of my administration to keep 100% of all bitcoin the U.S. government currently holds or acquires in the future,” Trump declared during a Bitcoin Conference in Nashville.
Pro-Crypto Appointments and Policy Plans
Trump has continued to appoint individuals who support crypto. He nominated Paul Atkins, a former SEC commissioner, to lead the Securities and Exchange Commission (SEC). Atkins is known for opposing heavy regulation and advocating for market-friendly policies. His nomination could mark a shift from the previous SEC leadership, which took a more aggressive approach toward crypto.
Additionally, the SEC recently established a “crypto task force” led by Commissioner Hester Peirce. Known as “Crypto Mom,” Peirce has long supported crypto-friendly regulations that foster innovation.
Scott Bessent, a hedge fund manager with pro-crypto views, is Trump’s choice to lead the Treasury Department. Bessent recently attended the Crypto Ball in Washington, D.C., reinforcing the administration’s goal of positioning the U.S. as a global leader in digital assets.
Trump’s Vision for the Future of Crypto
David Sacks, speaking at the Crypto Ball, declared, “The war on crypto is over.” He emphasized that this is just the beginning of America’s effort to reclaim its position as the world’s leader in digital asset innovation.
Trump’s executive order and his strategic appointments indicate his commitment to shaping the future of the U.S. cryptocurrency market. This initiative could change the landscape for digital assets and position the U.S. as a dominant force in the global crypto economy.
