After being inaugurated as the 47th President, Donald Trump delivered a significant speech outlining his plans to establish the United States as the leading hub for artificial intelligence (AI) and cryptocurrency on a global scale.
Trump’s Commitment to Cryptocurrency
In a video posted on X (formerly Twitter), President Trump emphasized his vision during the World Economic Forum, stating that the U.S. would spearhead advancements in these groundbreaking technologies.
His commitment was solidified with the signing of an executive order directed towards enhancing the growth of digital assets in the U.S. and investigating the possibility of a national digital asset stockpile.
Trump was accompanied by venture capitalist David Sacks, appointed as the crypto and AI czar. The executive order stresses the significance of the digital asset industry in fostering innovation, stimulating economic progress, and maintaining the U.S.’s influence globally.
This strategy emerges after a challenging four years marked by heightened regulatory scrutiny under President Joe Biden, particularly with Gary Gensler as the leading figure at the U.S. Securities and Exchange Commission (SEC).
Creating a National Digital Asset Stockpile
The executive order delineates essential initiatives, including the formation of a working group to explore the idea of establishing a national digital asset stockpile.
This stockpile may consist of cryptocurrencies lawfully confiscated by federal entities, historically overseen by the U.S. Marshals Service, known for auctioning off seized Bitcoin and other digital assets.
Trump had previously committed during his campaign to maintain all federal Bitcoin holdings, although this promise was not reiterated in the recent order.
The order also emphasizes safeguarding individuals and private enterprises utilizing blockchain technology against excessive regulatory actions. Its goal is to allow developers and miners to function without impediments, creating an area conducive to innovation within the crypto sector.
Since winning the election in November, Trump has been appointing government officials who favor cryptocurrency advancements.
He has nominated Paul Atkins, a former SEC commissioner with a pro-market stance, to lead the SEC. Furthermore, Scott Bessent, a hedge fund manager supportive of crypto, has been tapped to run the Treasury Department, showcasing a proactive digital asset strategy.
This week, the SEC introduced a new task force dedicated to digital assets, headed by Commissioner Hester Peirce, affectionately known as “Crypto Mom” due to her ongoing advocacy for cryptocurrencies.
At a recent gathering, Sacks proclaimed, “The war on crypto is over,” reflecting a renewed dedication to developing a thriving digital asset ecosystem in the U.S.
Image courtesy of DALL-E; chart sourced from TradingView.com
