Trump Orders Policy Overhaul for the Crypto Industry

Jakarta -President of the United States (US) Donald Trump ordered the formation of a cryptocurrency task force shortly after his inauguration. The group is tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stock.

That aligns with his campaign promise regarding the overhaul of crypto policy in the US. In his order, Trump banned the creation of central bank digital currencies in the US that could compete with existing cryptocurrencies.

Trump’s order also requested banking services to protect crypto companies. This refers to the claims of the crypto industry accusing US regulators of making it difficult for their industry to obtain funding from banks.

Quoted from Reuters, Friday (January 24, 2025), during the campaign, Trump promised to become the ‘crypto president’ and promote digital assets. Trump’s move contrasts with the regulations during President Joe Biden’s administration, which tend to closely monitor the industry.

Biden did this in his effort to protect the public from the threat of fraud and potential money laundering. Several crypto companies such as Coinbase, Binance, and dozens of other platforms have been dragged into the legal arena for allegedly violating US laws.

Trump’s decision was welcomed by the crypto industry. Trump’s latest order is expected to drive significant changes in US digital asset policy.

“The crypto executive order today marks a major shift in U.S. digital asset policy,” said Nathan McCauley, CEO and co-founder of the crypto company Anchorage Digital.

Bitcoin reached a new all-time high of $109,071 on Monday amid investor excitement over the new crypto-friendly administration. Although its value temporarily dropped to around US$ 103,000 on Thursday afternoon.

“Just a few days into his administration, President Trump fulfilled his promise to keep the United States a leader in digital asset innovation,” said Senator Tim Scott, the Republican chairman of the Senate Banking Committee.

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