Trump promotes cryptocurrencies - Orders the creation of a task force for new industry regulations
United States President Donald Trump ordered the creation of a cryptocurrency task force, tasked with drafting new regulations for digital assets and exploring the creation of a national cryptocurrency reserve.
Trump also ordered that banking services for crypto companies be protected, after the industry alleged that US regulators have encouraged lenders to exclude crypto companies from banking services. The order banned the creation of US central bank digital currencies that could compete with existing cryptocurrencies.
During the campaign, Trump vowed to be a “cryptopresident” and promote the adoption of digital assets. This is in stark contrast to former President Joe Biden’s regulators, who, in an effort to protect Americans from fraud and money laundering, cracked down on the industry, suing exchanges Coinbase, Binance and dozens of others for allegedly violating U.S. laws.
The latest order was cheered by the crypto industry, which had pushed for the new administration to send a strong signal of support in Trump's first days in office.
"By taking a whole-of-government approach to crypto, the administration is taking an important step toward writing clear and consistent rules in this sector," industry sources said.
If implemented by the relevant regulators, Trump's order has the potential to push cryptocurrencies into the mainstream, experts say. It follows the Securities and Exchange Commission's announcement a few days ago that it was creating a task force to revamp crypto policy.
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