Current Affairs-Topics

Trump Signs Executive Order to Establish Cryptocurrency Working Group

U.S. President Donald Trump has made a major move to reform the nation's cryptocurrency regulations, keeping his promise to swiftly revamp U.S. crypto policy.

Trump Reshapes U.S. Cryptocurrency Regulations with New Executive Order

U.S. President Donald Trump has taken major steps to reshape the nation's cryptocurrency regulations, delivering on his promise to quickly overhaul the country’s crypto policy. His executive order establishes a cryptocurrency working group focused on developing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile. This move aims to position the U.S. as a leader in the crypto space, marking a stark contrast to the more restrictive approach taken by the previous Biden administration.

Formation of a Cryptocurrency Working Group

The executive order calls for the creation of a working group tasked with creating a clear regulatory framework for digital assets. This group will include officials from key government agencies, including the Treasury Secretary, heads of the U.S. Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). The group’s goal is to establish consistent rules for regulating cryptocurrencies and stablecoins, which are digital assets typically tied to the U.S. dollar. This initiative is seen as a response to the crypto industry's call for clearer regulations that support innovation while ensuring consumer protection.

Ensuring Banking Access for Crypto Firms

A significant element of the executive order is the protection of banking services for cryptocurrency companies. The crypto industry had raised concerns about regulators allegedly encouraging banks to cut off services to crypto firms. While regulators have denied these claims, the executive order aims to provide protections for crypto companies and promote continued banking services for the industry, addressing complaints that restrictive banking practices were impeding the sector’s growth.

Ban on Central Bank Digital Currencies (CBDCs)

Another critical aspect of the order is the ban on the creation of Central Bank Digital Currencies (CBDCs) in the U.S. These government-backed digital currencies could potentially compete with established cryptocurrencies like Bitcoin and Ethereum. By prohibiting CBDCs, President Trump underscores his support for private cryptocurrencies, rather than a government-controlled digital currency that could disrupt the current ecosystem.

Revoking SEC Accounting Guidance

The SEC also rescinded an accounting rule that made it expensive for public companies to store crypto assets on behalf of third parties. The crypto industry had long criticized this rule for its high costs, which deterred businesses from adopting digital assets. This move is seen as a positive step toward reducing regulatory burdens and encouraging the broader adoption of cryptocurrencies.

Trump's Commitment to Being the "Crypto President"

Trump had previously pledged to be a “crypto president” and support the growth of digital assets. His actions, including the establishment of the cryptocurrency working group and changes in regulatory guidelines, reflect his commitment to this goal. This stands in stark contrast to the Biden administration’s more cautious stance, which has involved enforcement actions against crypto exchanges like Coinbase and Binance over alleged violations of U.S. law. In contrast, Trump’s pro-crypto approach has sparked optimism among investors, pushing Bitcoin to a record high of $109,071 in response to the news.

Impact on the Industry

Experts believe Trump’s executive order could have a significant long-term impact on the U.S. crypto market. The formation of the working group could address industry demands for clarity on how cryptocurrencies should be classified and regulated. The order also suggests exploring the idea of creating a national digital asset stockpile, possibly derived from cryptocurrencies seized by the federal government through law enforcement actions. While the specifics remain unclear, some analysts have speculated that this stockpile could be funded by the U.S. Treasury’s Exchange Stabilization Fund.

Leadership Appointments

In addition to the executive order, President Trump appointed David Sacks, a venture capitalist and former PayPal executive, as the crypto and AI czar. Sacks will lead the new cryptocurrency working group, further underscoring the administration’s commitment to fostering innovation and creating a business-friendly regulatory environment for the crypto industry.

More Related Articles

SEBI Action on Jane Street

In one of the most significant regulatory crackdowns in Indian financial history, the SEBI action on Jane Street has grabbed headlines and raised critical discussions around foreign investment, ma

Rwanda-Congo Peace Deal

In a major diplomatic development, Rwanda and the Democratic Republic of Congo (DRC) signed the historic Rwanda-Congo peace deal in 2025.  This US-brokered peace agreement aims to end deca

India Rejects SCO Joint Statement

India rejects SCO joint statement – this powerful decision echoed globally after India’s Defence Minister refused to sign the final declaration at the SCO 2025 Summit in Qingdao, China

Unsafe Generic Chemotherapy Drugs

Recent investigations have uncovered serious quality issues in generic chemotherapy drugs used for cancer treatment across more than 100 countries. This has raised alarms over the safety, effe

NATO Defence Spending 2025

The NATO defence spending 2025 summit has marked a historic turning point in the alliance’s approach to global defence and military funding. Under the leadership of former U.S. President

Operation Bashayer Al-Fath

On June 23, 2025, the Middle East witnessed a major escalation as Iran launched Operation Bashayer Al-Fath, a powerful missile assault targeting the US Al-Udeid Air Base in Qatar. This developm

GENIUS Act 2025 Highlights

The GENIUS Act 2025, passed by the US Senate in June 2025, represents a significant legislative step in cryptocurrency regulation, with a widespread impact on stablecoins, digi

US-Iran Nuclear Conflict 2025

On June 22, 2025, the United States launched targeted airstrikes on three major Iranian nuclear facilities—Fordow, Isfahan, and Natanz—escalating what is now widely recognized as the U

Iran Uranium Enrichment

The ongoing tension between Iran, Israel, and the United States has taken a serious turn, primarily due to Iran's uranium enrichment issue. The situation surrounding Iran’s Fordow nuclea

Yeztugo HIV Injection

In a historic development in the fight against HIV, the United States Food and Drug Administration (US FDA) has approved Yeztugo HIV injection—a revolutionary drug for the long-acting preven

Toppers

anil kumar
Akshay kuamr
geeta kumari
shubham