Trump Finally Signs Executive Orders on Cryptocurrency, but No Mention of Bitcoin - Yet
Bitcoin maximalists are cautiously optimistic
The prospect of a second Trump presidency brought about mixed reactions throughout the USA and the wider world. Amongst the Bitcoin and wider crypto community, the news was greeted with enthusiasm. For many, his stance towards Bitcoin and promises made regarding crypto while campaigning were the silver-lining of him being voted in to the White House again.
The price of BTC experienced what was termed a ‘Trump Pump’, pushing to new all-time highs, as the prospect of his second term in office sank in. In the moments before his swearing-in, the price hit another all-time high.
And then it sank, as the first round of Executive Actions didn’t include anything for Bitcoiners. But now, just a few days later the first round of crypto-related actions have finally been signed.
Sweet relief — he wasn’t just making empty promises.
Trump — The Crypto President?
The orders that have been approved, aim to provide regulatory clarity and promote the growth of the cryptocurrency industry in the United States. This is a big step forwards for the industry as a whole, and seems to have been recognized as such given the effect seen in the price of many crypto coins since news emerged.
One of the key executive orders establishes a Presidential Working Group on Digital Asset Markets. This group, chaired by the White House AI and Crypto Czar David Sacks, includes the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and other relevant department heads.
The working group is tasked with developing a federal regulatory framework for digital assets, including stablecoins, and evaluating the creation of a strategic national digital asset stockpile. The group will submit a report to the president within 180 days, outlining regulatory and legislative proposals.
Another significant executive order prohibits the creation of central bank digital currencies (CBDCs). This move aligns with Trump’s campaign promise to protect Americans from what he described as “government tyranny” associated with CBDCs. Instead, the order directs the working group to evaluate the potential creation and maintenance of a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the federal government.
What about Bitcoin?
While it was a relief to many to finally see something in black and white that addresses campaign promises made by Trump, there was a notable absence of the mention of Bitcoin. Given Trump’s focus on Bitcoin while on the campaign trail, and his addressing of a Bitcoin Conference in Nashville during 2024, many were anticipating that the Executive Orders would be more Bitcoin-centric than those that emerged.
Cynics could be forgiven for thinking that Trump was keeping the orders deliberately vague, keeping his recently launched $TRUMP meme coin in mind. In truth, who knows what his motive was.
Regardless, the executive orders did not include the immediate creation of a strategic national Bitcoin reserve, as Trump had promised during his campaign. Instead, the working group will evaluate the feasibility and criteria for establishing such a stockpile. Additionally, the orders did not address the removal of capital gains tax on U.S. based cryptocurrencies, which had been speculated by some.
Many of the more vocal Bitcoin maximalists on X were quick to point out the absence of Bitcoin in the announcements. Others remained positive, seeing that such an about-face on an issue that is detailed and nuanced will in fact, take time to emerge.
A step in the right direction
The balanced view, appears to be that these executive orders represent a significant step towards fulfilling Trump’s campaign promises to support the cryptocurrency industry. By providing regulatory clarity and promoting innovation, the Trump administration aims to position the United States as a global leader in digital financial technology.
Even if that weren’t directed solely (or even primarily) towards Bitcoin as the OG cryptocurrency, there can be little doubt that by definition, anything that benefits the industry as a whole, will benefit Bitcoin too.
The saga continues.
Note: This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.