Trump puts pen to paper on crypto plans
Published: 03:32 24 Jan 2025 EST
Donald Trump has signed off an executive order to kickstart his promised plans around supportive measures for the cryptocurrency space.
The president on Thursday put pen to paper on the plans, which include potentially creating a strategic Bitcoin reserve and establishing rules around crypto.
“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 said.
Trump had pledged measures on his campaign trail, with venture capitalist David Sacks, and the president’s crypto and artificial intelligence czar, having overseen the signing in the Oval Office.
Efforts would largely be made on establishing technology and rules for crypto and its domestic development, according to the order.
A working group would also be created to weigh up a national digital asset stockpile, “potentially derived from cryptocurrencies lawfully seized by the federal government”.
Developers and miners were set to receive certain protections too, with the order detailing individuals and private sector firms using blockchain networks would be saved from “persecution”.
Bitcoin gained on the back of the order, climbing by 1.4% to US$105,419 on Friday, while smaller tokens Ether and Ripple also picked up.
