President Trump Signs EOs for Crypto and Digital Finance

The Trump Administration had a busy first week in office, as they began signing various Executive Orders (EO). One of the most anticipated EOs President Trump has signed off on was the one relating to cryptocurrency.

The EO, titled “Strengthening American Leadership in Digital Financial Technology,” establishes the Presidential Working Group on Digital Asset Markets, which will be in-charge of bolstering U.S. leadership in digital finance.

What will be the Core Functions of the Working Group on Digital Asset Markets?

Part of the Working Group’s core functions is the development of a Federal regulatory framework for digital assets, including stablecoins, while evaluating the feasibility of a national digital assets stockpile. 

The Working Group is chaired by the White House AI & Crypto Czar, David Sacks, and will include key officials such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, alongside other agency heads.

As mandated by the EO, the Working Group will also collaborate with industry experts to ensure that cutting-edge insights beyond the Federal Government inform policies.

In terms of regulatory functions, the Working Group will direct agencies to review and recommend changes to existing regulations that impact the digital asset sector. The order prohibits any Federal action to create or promote central bank digital currencies.

Creation of SEC Crypto Task Force

Along with the EO, the U.S. SEC also announced the formation of a cryptocurrency task force. This task force is charged with creating a regulatory framework that provides legal clarity for crypto assets, addressing longstanding industry concerns about ambiguous regulations.

Moreover, the EO seeks to repeal the Digital Assets Executive Order and the Treasury Department’s international framework that were implemented by the Biden Administration. According to Fox Business reporter Eleanor Terrett, the reason cited for repealing the previous administration’s framework was its restrictive impact on innovation and U.S. economic competitiveness in global digital finance.

What Does This Mean for Crypto Casinos in the US?

Recently, US congressmen have shown their support for the EOs that seek to advance digital assets and artificial intelligence. Representatives French Hill and Bryan Steil lauded President Trump’s initiatives that show the administration’s commitment to ensuring U.S. dominance in these technologies,

“We applaud President Trump for taking important steps to ensure America remains a leader in digital financial technology on the international stage. The President’s Working Group will strengthen U.S. leadership and allow for critical collaboration to get this right,” Hill and Steil added.

Representative Hill currently holds the Chair of the House Financial Services Committee, while Representative Steil is the Chair of the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee.

With the EOs gaining support, the crypto casino market in the U.S. is shaping up to be even more viable options for operators and players alike. Having an environment that will be more lenient with the digital assets shall give crypto holders more flexibility with their coins.