Venture capitalist David Sacks, appointed by Trump as head of crypto and AI, was present in the Oval Office for the signing of the executive order. “The digital assets industry plays a key role in American innovation and economic development, as well as our nation’s global leadership,” the executive order states.
U.S. President Donald Trump holds up the just-signed executive order on crypto in the Oval Office of the White House in Washington, D.C., on Jan. 23, 2025.
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Notably, Trump, who had criticized crypto during his first term, changed his stance during the campaign and attracted significant contributions from the industry after four turbulent years under President Joe Biden. Investors, companies, and executives in the crypto space accounted for nearly half of all business contributions in the 2024 election cycle, with some donating tens of millions of dollars to help Trump win a second term.
Much of the order focuses on establishing technology and rules around crypto and its development in the U.S. One key point is the creation of a task force to examine the national digital asset reserve, “which could be created from cryptocurrencies that the federal government legally seizes through law enforcement efforts.”
Traditionally, the U.S. Marshals Service auctions off seized Bitcoin, along with other cryptocurrencies such as Ether and Litecoin. Trump had pledged during the campaign that, if returned to the White House, he would ensure the federal government never sells its Bitcoin holdings, although the Jan. 23 order does not mention Bitcoin.
“If I am elected, it will be the policy of the U.S. government to never sell the Bitcoin it holds or acquires, and instead, to hold and retain it, and maybe even buy more,” Trump asserted at the Bitcoin Conference in Nashville, Tennessee, last July.
The order also outlines other key priorities for the digital assets industry, including protecting individuals and private sector companies using blockchain networks. It offers some protections for developers and crypto miners, emphasizing that they should be free to “develop and deploy software” as well as “engage in mining and validation.”
The president also committed to protecting the rights of those who choose to self-custody their digital assets. This means users are not dependent on a centralized entity like Coinbase to hold their tokens but instead use personal crypto wallets, albeit sometimes outside the purview of the IRS.
The order particularly emphasizes promoting the sovereignty of the U.S. dollar by supporting the development of globally-recognized stablecoins backed by the dollar.
Since his election victory in November, Trump has focused on appointing government leaders who are supportive of the crypto industry. Paul Atkins has been nominated to chair the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner, is known for his pro-market policies and opposition to overly burdensome regulations. If confirmed, he will succeed Gary Gensler, whose aggressive enforcement of crypto regulations made him a controversial figure in the industry.
Earlier this week, the SEC announced the formation of a new “crypto assets and cyber unit,” to be led by Commissioner Hester Peirce. Peirce has long advocated for a legal framework that fosters innovation rather than hinders it.
Scott Bessent, a crypto-friendly hedge fund manager, is Trump’s pick to lead the Treasury Department. On Jan. 18, Bessent attended the Crypto Ball in Washington, an event bringing together lawmakers, cabinet nominees, and industry leaders. There, he emphasized the administration’s plan to make the U.S. a global leader in digital asset innovation.
Addressing a packed Mellon Auditorium on Jan. 18, Sacks told the audience, “The war on crypto is over. This is just the beginning of America reclaiming its global leadership in innovation,” Sacks asserted.
– 08:34 24/01/2025
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