President Donald Trump is going big on digital finance and cryptocurrency. A group charged by Trump with recommending policies on crypto markets called on federal regulators to use their authority to provide more clear rules on the trading of digital assets and ease the adoption of new financial products in a report released on Wednesday.
“By implementing these recommendations, policymakers can ensure that the United States leads the blockchain revolution and ushers in the Golden Age of Crypto,” the White House said in a fact sheet on the report from the “Working Group on Digital Asset Markets.”
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On January 23, Trump signed Executive Order 14178, titled “Strengthening American Leadership in Digital Financial Technology.” This order halted previous efforts to develop a central bank digital currency (CBDC) and created the President’s Working Group on Digital Asset Markets. The group was tasked with developing a comprehensive federal regulatory framework for digital assets within 180 days. This move demonstrated a cautious but proactive approach, aiming to foster innovation while protecting the financial system from potential risks associated with digital currencies.
Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), which requires stablecoins to be backed one-to-one by U.S. dollars or low-risk assets. The legislation aims to increase transparency, strengthen consumer protections, and support the stability of the digital currency market. Additionally, Trump announced the creation of the U.S. Crypto Strategic Reserve, including major cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Cardano.
These initiatives highlight Trump’s commitment to positioning the U.S. as a leader in digital finance by balancing innovation with regulatory oversight, signaling a new chapter in the country’s approach to the rapidly evolving world of cryptocurrencies.
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According to Bloomberg, the policy proposals from the group, which was established by an executive order signed by Trump in January, touch on a wide range of issues in the digital asset space. Those include calls for Congress to pass the Digital Asset Market Clarity Act to eliminate gaps in regulatory oversight by providing the Commodity Futures Trading Commission authority to “oversee spot markets for non-security digital assets” and measures that embrace decentralized finance technologies.
Trump’s administration aims to create clearer regulatory frameworks that encourage innovation while protecting consumers and the broader financial system. These policies reflect a balanced approach, addressing the need for transparency and stability, particularly in areas such as stablecoins and digital asset trading.