Author: BitpushNews
On the afternoon of January 23, 2025, Eastern Time, US President Donald Trump officially signed a cryptocurrency executive order, aiming to fulfill his campaign promise to become the "Cryptocurrency President".
According to Fox News, the details of the cryptocurrency executive order are as follows:
The executive order establishes a Presidential Digital Assets Market Working Group to strengthen the US's leadership position in the digital finance sector.
The working group's mission is to develop a federal regulatory framework for managing digital assets (including stablecoins) and to assess the establishment of a strategic national digital asset reserve.
The working group will be chaired by the White House's AI and Cryptocurrency Czar, David Sacks, with members including the Secretary of the Treasury, the Chair of the Securities and Exchange Commission, and heads of other relevant departments and agencies.
The White House's AI and Cryptocurrency Czar will hire top experts in digital assets and digital markets to ensure that the working group's actions are guided by experts outside the federal government.
The executive order directs departments and agencies to identify and provide recommendations to the working group on any regulations and other agency actions that should be rescinded or modified to impact the digital asset sector.
The executive order prohibits agencies from taking any action to establish, issue, or promote a Central Bank Digital Currency (CBDC).
The executive order rescinds the previous administration's digital asset executive order and the Treasury Department's digital asset international engagement framework, which had stifled innovation and undermined the US's economic freedom and global leadership in digital finance.
Bitpush Note:
The presidential executive order is an important tool for the US president to exercise executive power, playing a crucial role in shaping domestic and foreign policies. However, the power of executive orders is limited, subject to the constraints of the Constitution, Congress, and the courts.
Executive orders are not laws: Although executive orders have legal force, they are subordinate to laws.
The validity of executive orders is limited: The next president can modify or revoke the executive orders of the previous president.
Executive orders may be controversial: Executive orders often involve complex political and social issues, and therefore tend to be controversial.
