Written by Hannah Lang and Trivor Hunkot
(Reuters) -President US Donald Trump ordered on Thursday to create a giant working group charged with proposing new digital asset regulations and exploring the creation of a national storage of the encrypted currency, which led to his promise to quickly fix the US encryption policy.
The long -awaited procedure also ordered that the banking services of the encryption companies be protected, noting the allegations of the industry that the American organizers have directed lenders to cut the encryption companies from banking services – which the organizers deny. The request has also prohibited the creation of digital currencies for the Central Bank in the United States, which can compete with the current cryptocurrencies.
In another main procedure paid for the encryption industry, the US Securities and Stock Exchange Committee canceled the accounting instructions that made it very expensive for some listed companies to protect encryption assets on behalf of third parties. The encryption industry said that the guidance had led to the promotion of the adoption of digital assets.
On the Campaign Train, Trump collected Crypto Cash by pledging to be “head of encryption” and promotes the adoption of digital assets. This is in a blatant contradiction with the organizers of former President Joe Biden, who, in an attempt to protect Americans from fraud and money laundering, abandons the industry, and prosecute Coinbase (Nasdaq :), Binance and its twenties, claiming that they were superior to American laws. Companies deny these allegations.
Thursday's order was chanting by the encryption industry, which was pushing for the new administration to send a strong signal for support in the first few days of Trump in his post.
“The executive order for encryption today is a change in the US digital assets policy,” said Nathan McCalli, CEO and co -founder of Crypto Companey Digital.
“By following a full approach to the government towards encryption, the administration is making a first important step towards writing clear and consistent rules for the road.”
If it is implemented by the concerned organizers, Trump has the ability to push cryptocurrencies to the prevailing, organizational and encryption experts. The SEC announces on Tuesday that it creates a workplace to reform the encryption policy.
A new record of 109,071 dollars on Monday amid the excitement of the invested on the new friendly administration, although it decreased to about 103,000 dollars late Thursday afternoon.
“After a few days of his administration, President Trump fulfills his promises … to keep the United States a leader in creating digital assets,” Senator Tim Scott, Republican President of the Senate Banking Committee, said in a statement.
For years, the industry has argued that the current American regulations are not suitable for cryptocurrencies and called on Congress and the organizers to write new regulations that show when the encryption code is safety, commodity, or falling in another category.
The working group, which will include the Minister of Treasury and the chairs of the Future Trading Committee, has been assigned the Securities and Stock Exchange Committee, along with other heads of agencies, to develop an organizational framework for digital assets, according to the order. This includes stablecoins, a type of cryptocurrency is usually linked to US dollars.
The group has also been appointed to “evaluate potential creativity and maintain the stock of national digital assets … It is possible that it is derived from the encrypted currencies that the federal government has legally confiscated through law enforcement efforts.”
It has not provided more details on how to create such stock and divide analysts and legal experts about whether the Congress law would be necessary. Some have argued that the reserve can be created through the US Treasury Stability Fund, which can be used to buy or sell foreign currencies, and also to carry Bitcoin.
In December, Trump named the previous investment capitalism and Paypal (NASDAQ 🙂 David Sacks as coding and artificial intelligence Caesar. He said the matter will head the group.
