In a landmark speech following his inauguration because the forty seventh President of the USA, Donald Trump announced his administration’s ambitious plans to position the country as the worldwide capital of each artificial intelligence (AI) and crypto.
Trump Embraces Crypto
In a video shared on social media platform X (formerly often called Twitter), President Trump reiterated his vision on the World Economic Forum, declaring that the USA would cleared the path in these transformative technologies.
This was further underscored by his signing of an executive order geared toward promoting the advancement of digital assets throughout the US and exploring the potential for a national stockpile.
Accompanying Trump for this pivotal signing was enterprise capitalist David Sacks, whom he has appointed as his crypto and AI czar. The chief order highlights the crucial role of this sector in driving innovation and economic growth, in addition to reinforcing the US’s standing on the international stage.
This policy pivot comes after a tumultuous 4 years under President Joe Biden, during which the digital asset industry faced increasing regulatory scrutiny, especially under the leadership of the previous US Securities and Exchange Commission (SEC) chair Gary Gensler.
Executive Order To Establish National Digital Asset Stockpile
The chief order outlines several key initiatives, including the establishment of a working group tasked with considering the creation of a national digital asset stockpile.
This stockpile could potentially include cryptocurrencies which have been lawfully seized by federal authorities, a practice historically managed by the US Marshals Service, which has auctioned off seized Bitcoin and other digital currencies.
Notably, Trump had previously pledged during his campaign to retain all Bitcoin holdings by the federal government, although this specific commitment was not mentioned in the newest order.
Along with specializing in asset management, the order emphasizes the protection of people and personal firms using blockchain technologies from regulatory overreach. It seeks to be certain that developers and miners can operate freely, fostering an environment that supports innovation within the crypto space.
Since his election victory in November, Trump has taken steps to appoint government leaders who’re supportive of cryptocurrency.
Paul Atkins, a former SEC commissioner known for his market-friendly stance, has been nominated to steer the Securities and Exchange Commission. Moreover, Trump has nominated Scott Bessent, a pro-crypto hedge fund manager, to steer the Treasury Department, signaling a proactive approach to digital asset policy.
Earlier this week, the SEC announced the formation of a recent digital asset-focused task force, led by Commissioner Hester Peirce, affectionately often called “Crypto Mom” for her advocacy of digital currencies over the past years.
At a recent event, Sacks declared, “The war on crypto is over,” signaling a renewed commitment to fostering a vibrant ecosystem for digital assets within the US.
Featured image from DALL-E, chart from TradingView.com