President Trump Signs Executive Order for National Strategic Bitcoin Reserve Fund

On January 23, 2025, President Donald Trump made a groundbreaking move in the global financial context by signing an executive order to establish a national strategic Bitcoin reserve fund while completely banning all types of Central Bank Digital Currencies (CBDCs). This historic moment was shared in a video, where David Sacks, the White House cryptocurrency czar, presented this order to the president and proudly stood beside him as he signed it. This action positioned the United States ahead of countries like China and Russia in what many refer to as the 'crypto cold war'. Promoting digital asset innovation in the United States In his speech, President Trump emphasized the importance of digital assets to the national economy and their role in global leadership. "The digital asset industry plays an important role in innovation and economic development in the United States, as well as our country's international leadership. Therefore, my administration's policy is to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy." The injunction establishes a clear policy framework to protect individuals' rights in using open blockchain networks without the need for a license and without fear of censorship. It also empowers private entities to freely build, operate, and transact on these networks. Promote Stablecoin supported by USD An important aspect of this order focuses on strengthening the sovereignty of the US dollar through stablecoins backed by the dollar. These digital assets are considered tools to ensure that the US dollar remains the dominant force in the global market. President Trump declares: We are promoting and protecting the sovereignty of the U.S. dollar, including through actions to promote the development and growth of legally supported stablecoins worldwide. A firm stance against CBDC The Trump administration has strongly opposed the development of CBDC, arguing that it threatens individuals' privacy and financial stability. This executive order prohibits federal agencies from creating, issuing, or circulating any CBDC within the United States. The president declared: “Except as required by law, any ongoing plans or initiatives at any relevant agency related to the establishment of CBDC within the scope of the United States' authority shall be immediately terminated and no further actions shall be taken to develop or implement such plans or initiatives.” Clarity and supervision of regulations To promote innovation while minimizing risk, executive orders direct federal agencies to establish neutral regulations on technology and transparent frameworks. A newly formed special task force, the President's Working Group on Digital Asset Markets, will oversee this effort. Under the leadership of David Sacks, this group includes representatives from the Ministry of Finance, the Ministry of Justice, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other important agencies. Their tasks include: Evaluate current policies and propose new legal frameworks. Identify regulations affecting digital assets within 30 days. Submit proposals to update, repeal, or replace outdated rules within 60 days. Explore the creation of a national digital asset reserve, which may include confiscated cryptocurrencies for economic security purposes. Within 180 days, the special forces must submit a comprehensive report detailing proposals on monitoring stablecoins, market structure, consumer protection, and risk management. Input from the public and cooperation with the National Assembly Public hearings will play a crucial role in shaping government policies, with the participation of blockchain experts, industry leaders, and other stakeholders. Fox Business journalist Eleanor Terrett noted that collaboration with Congress on cryptocurrency regulations will be crucial, particularly regarding laws such as the FIT21 market structure bill and the stablecoin bill. David Sacks clarified that although strategic reserves are being considered, no final decision has been made: Yes, we will evaluate that. We have not decided to do it yet. We need to research that, he said. Cancel outdated policies Trump's orders revoke previous policies, including Executive Order 14067 (2022), to promote responsible development of digital assets and the Department of the Treasury's "International Engagement Framework on Digital Assets" from July (. All related directives are currently under review to align with the envisioned new decentralized financial ecosystem. Vision for the future With this bold move, President Trump has positioned the United States as a leading nation in the global digital asset industry. The executive order reflects a vision of innovation, economic development, and financial sovereignty, paving the way for a new era in digital finance. As the government and task force implement these conversion policies, the world is closely watching how the United States addresses the challenges and opportunities of the rapidly developing cryptocurrency economy. DYOR! )Write&Earn $TRUMP {spot}(TRUMPUSDT)