Author: Li Dan, Wall Street Seen
After Trump took office, he took action on crypto, signing an executive order aimed at promoting the development of the crypto industry. In addition, there is good news for the crypto community in the U.S. Congress: a lawmaker who first proposed that the U.S. establish a Bit strategy reserve has been "promoted".
On Thursday, January 23rd Eastern Time, the White House announced that U.S. President Trump had signed an executive order titled "Strengthening U.S. Leadership in Digital Asset Technology." The order calls for the establishment of a "President's Working Group on Digital Asset Markets" within the National Economic Council, which advises the President.
The aforementioned working group will be led by David Sacks, the White House's first AI and crypto "czar" - the special advisor on AI and crypto. The working group members also include the U.S. Treasury Secretary, Attorney General, Commerce Secretary, SEC Chairman, CFTC Chairman, and other government and regulatory officials or their designees.
The executive order also explicitly mentions that the Trump administration is considering using Bit as a national reserve. The executive order states that the working group will, within 180 days of the issuance of the executive order, submit a report to Trump with regulatory and legislative recommendations, focusing on: managing a federal regulatory framework for the issuance and operation of U.S. digital assets, including stablecoins, considering provisions on market structure, oversight, consumer protection, and risk management, and
The working group "should assess the feasibility of establishing and maintaining a national digital asset reserve, and propose standards for such a reserve, which could be composed of crypto assets lawfully seized by federal law enforcement."
The executive order also expressly prohibits central bank digital currencies (CBDCs). The executive order states:
"Except as required by law, all agencies are hereby prohibited from taking any action to develop, issue, or promote CBDC in the United States or abroad."
The executive order requires that any government agency currently engaged in plans or initiatives related to the establishment of a CBDC in the United States must immediately cease such plans or initiatives and take no further action to develop or implement such plans or initiatives.
Sacks said the new working group will, under Trump's leadership, "make America the world capital of crypto" and its actions on AI will "put America in the driver's seat and lead the world in AI." Trump said these actions "will make a lot of money for America."
New Digital Assets Subcommittee of the U.S. Senate Banking Committee to Focus on Strategic Bit Reserve Legislation
Earlier on Thursday, Senate Banking Committee Chairman Tim Scott appointed Wyoming Senator Cynthia Lummis as chair of the committee's new Digital Assets Subcommittee. Lummis subsequently issued a statement announcing that the new committee focused on digital assets will focus on two areas:
Advancing bipartisan digital asset legislation to promote responsible innovation and protect consumers, including legislation on market structure, stablecoins, and a strategic Bit reserve;
Providing rigorous oversight of federal financial regulators to ensure they comply with the law, including ensuring there is no repeat of Operation Chokepoint 2.0.
Operation Chokepoint 2.0 is alleged to be an action taken by U.S. federal agencies to exclude crypto companies from the traditional banking system, but no official document has yet confirmed its existence.
Last July, Trump promised at the Bit 2024 conference to list Bit as a strategic reserve asset for the U.S. Lummis, as a Trump ally in the Senate, first proposed the Strategic Bit Reserve Act that month to establish a U.S. national Bit strategic reserve. The bill calls for selling some of the Federal Reserve's gold reserves, without increasing the government deficit, to purchase 1 million Bit to establish the "strategic Bit reserve" proposed by Trump. At the time's Bit price, this would cost about $90 billion.
In this week's statement, Lummis again mentioned legislation related to the Bit strategic reserve. She said:
"Digital assets represent the future, and if America wants to maintain its global financial innovation leadership, Congress needs to urgently pass bipartisan legislation to establish a comprehensive legal framework for digital assets and strengthen the dollar through a strategic Bit reserve. ... I look forward to introducing bipartisan legislation to President Trump this year to secure our financial future."
News of Lummis' appointment quickly ignited the crypto market. During Thursday's trading session, the BTC/USD spot price briefly rallied and turned positive.
CoinMarketCap data shows the BTC/USD spot price first fell below $101,300 to a new daily low in the European session, then accelerated its rebound after the U.S. market open, rising above $106,800 to a new daily high by late morning, up over $5,000 or 5% from the day's low. But U.S. stocks reversed to the downside in late trading, and BTC/USD fell back below $103,000, down more than 1% in the last 24 hours.
Related Wiki
