President Donald Trump thrilled the cryptocurrency community on Thursday when he signed an executive order with several actions about digital assets.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order reads.
‘The war on crypto is over.’
The order calls for a working group to consider the development of a national digital asset stockpile “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement effort.”
The government has seized more than $20 billion in digital assets, including bitcoin. Trump had previously promised to order the government to hold onto the digital assets rather than auction them off as is typical.
“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he said to the Bitcoin Conference in July.
Some crypto enthusiasts registered disappointment that Trump did not announce the purchase of more cryptocurrency to add to the stockpile.
The order established support for the development of cryptocurrency by allowing people to keep private crypto wallets rather than use services like Coinbase that can be monitored more easily by the Internal Revenue Service.
The order also forbade government-run digital currencies.
“Outstanding EO by President Trump banning the creation of a government-run digital currency, protecting Americans’ privacy and financial freedom. This is exactly what my No Central Bank Digital Currency Act was crafted to achieve,” responded Republican Sen. Mike Lee of Utah.
“The war on crypto is over,” said Sacks at the Crypto Ball on Friday. “This is just the beginning of America reclaiming its position as the world’s innovation leader.”
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