President Trump Initiates Cryptocurrency Task Force
On Thursday, President Donald Trump took decisive action by establishing a cryptocurrency task force, which is charged with developing new regulations for digital assets and examining the feasibility of a national cryptocurrency reserve. This move fulfills his campaign commitment to revamp the United States’ approach to cryptocurrency policy swiftly.
Ensuring Banking Access and Blocking Competing Digital Currencies
The executive order also includes protections for banking services used by cryptocurrency businesses, hinting at industry concerns that U.S. regulators have unfairly pressured banks to disconnect from cryptocurrency firms, a claim regulators refute. Furthermore, the directive prohibits the creation of central bank digital currencies in the U.S. that might rival existing cryptocurrencies.
While campaigning, Trump wooed supporters within the cryptocurrency sector by promising to be a “crypto president” and to encourage the adoption of digital currencies. This stance sharply contrasts with the approach of the previous administration under President Joe Biden, whose regulators aggressively pursued the cryptocurrency industry to shield Americans from fraud and money laundering, launching lawsuits against major exchanges like Coinbase and Binance.
Industry Reactions to the New Cryptocurrency Order
The cryptocurrency sector welcomed Thursday’s order enthusiastically, viewing it as a positive indication from the Trump administration in the initial days of his tenure. “Today’s crypto executive order marks a turning point in U.S. digital asset policy,” commented Nathan McCauley, CEO and co-founder of Anchorage Digital. He added, “By adopting a comprehensive governmental strategy towards crypto, the Administration is taking a crucial initial step in establishing clear, consistent regulatory guidelines.”
If enforced accordingly by the relevant regulatory bodies, Trump’s directive is expected to mainstream cryptocurrency usage, as echoed by both regulatory and cryptocurrency experts. This development follows closely on the heels of the U.S. Securities and Exchange Commission’s recent announcement of forming its own taskforce to revamp cryptocurrency policies.
Following the administration’s crypto-friendly announcements, Bitcoin reached a new peak of $109,071 on Monday, although it saw a slight decline to approximately $103,000 by late Thursday.
“Just days into his administration, President Trump is making good on his commitments to maintain the United States’ leadership in digital assets innovation,” stated Senator Tim Scott, the Republican chair of the Senate Banking Committee.
For years, the industry has argued that existing U.S. regulations on cryptocurrencies are outdated, urging Congress and regulatory bodies to establish new laws that better define the classification of crypto tokens as securities, commodities, or other categories.
Cryptocurrency Task Force Composition and Goals
The newly formed task force will include prominent figures such as the Treasury Secretary, the chairs of the SEC, and the Commodity Futures Trading Commission. Their mandate is to craft a regulatory framework that encompasses all digital assets, including stablecoins, which are typically linked to the value of the U.S. dollar.
Additionally, the group will consider the possibility of establishing and maintaining a national digital asset reserve, which could include cryptocurrencies legally seized by the federal government during law enforcement operations. The specifics of how this reserve would function remain unclear, and there is ongoing debate among analysts and legal experts regarding whether congressional action is necessary. Some suggest that it might be possible to set up this reserve through the U.S. Treasury’s Exchange Stabilization Fund, which is also used for dealings in foreign currencies and potentially for holding bitcoin.
In a notable appointment in December, Trump selected venture capitalist and former PayPal executive David Sacks to lead this group, according to the order.
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.