Anthony Pompliano, founder and CEO of Professional Capital Management, on the Trump administration's launch of a digital currency task force and the creation of the Stargate artificial intelligence project.
the president Donald Trump signed an executive order on Thursday that seeks to clarify regulations in the crypto industry to “secure America's position as the world leader in the digital asset economy,” FOX Business has learned.
Trump's order establishes the Presidential Task Force on Digital Asset Markets, which will develop a federal regulatory framework for Digital assetsincluding stablecoins, and evaluate the creation of a national strategic digital asset repository. It will be chaired by the White House AI and cryptocurrency czar and include the Treasury Secretary, the head of the Securities and Exchange Commission (SEC), as well as other relevant department and agency heads.
In addition, the executive order prohibits agencies from creating, issuing or promoting central bank digital currencies and directs other federal agencies and departments to provide the group with recommendations on which digital asset regulations should be repealed or amended. It also repeals the Biden administration's Digital Assets Executive Order framework for international engagement in the industry.
“President Trump will help make the United States the center of digital financial technology by ending the aggressive enforcement and over-regulatory actions that have stifled digital currency innovation under previous administrations,” the White House said in a statement.
SEC Launches CRYPTO Task Force to Build Regulatory Transparency
US President Donald Trump campaigned to boost the US crypto industry. (Jabin Batsford/The Washington Post via Getty Images/Getty Images)
This executive order was issued after Trump from a A cryptographically friendly approach to regulate the growing industry during his presidential campaign. At a crypto conference he attended last summer, he pledged to make the US the “crypto capital of the planet” and the “Bitcoin superpower of the world” if elected.
Former President Joe Biden's administration, through then-SEC Chairman Gary Gensler, launched a regulatory crackdown on the digital asset industry in an effort to root out bad actors.
Gensler resigned From the SEC Commission On Inauguration Day, Trump named SEC Commissioner Mark Ovida, a Republican appointee, as the agency's interim head, while his nominee to serve as the new permanent head, Paul Atkins, awaits Senate confirmation. .
President Trump has appointed Mark Avida as the head of the Independent Election Commission
Uyeda's first official act was to create a cryptocurrency task force led by GOP Commissioner Hester Pearce, often referred to as “Crypto Mom.”
Focusing on drawing clear regulatory lines, providing realistic pathways to registration, establishing reasonable disclosure frameworks and deploying enforcement resources, the task force will promote dialogue with industry players to promote a friendlier regulatory environment.
It will also coordinate these activities with other federal agencies, including the Commodity Futures Trading Commission, which is slated to take on a larger role in cryptocurrency regulation.
Bitcoin price rose slightly on Thursday ahead of the news, up 0.35% to $104,043. In the past month, the price of Bitcoin has increased by more than 8.6%.
Get FOX Business on the Move by clicking here
FOX Business' Edward Lawrence and Eleanor Tartt contributed to this report.