Trump executive order calls for US cryptocurrency stockpile

President Donald Trump has signed an executive order for "national digital asset stockpile".
True to his word, president Donald Trump has signed an executive order calling for the formation of a cryptocurrency working group headed by former PayPal executive and crypto czar David Sacks.
It will explore the creation of a national crypto stockpile, as well as formulate new regulation for digital assets in the US.
The long-awaited order had been seen by many crypto advocates as a potential catalyst for the crypto markets, but it fell short of expectations that Trump would announce a strategic Bitcoin reserve.
As a result, the crypto markets saw a small sell-off, despite Bitcoin briefly surging off the news.
While it's clearly good news for an industry that had struggled under an antagonistic Biden administration, it's not the full-throated endorsement many hoped for.
A strategic Bitcoin reserve, in which the government purchases and holds Bitcoin as a long-term investment, has long been seen as the ultimate validation of Bitcoin as a legitimate asset class.
Yet there is no mention of a strategic reserve in the order, prompting fears it may not be a legitimate priority under the new Trump administration.
In fact, the executive order suggests that the national digital asset stockpile may be assembled through the cryptocurrencies the US government already possesses as a result of law enforcement seizures, and not further purchasing of cryptocurrencies including Bitcoin.
Of course, a dedicated crypto task force and the promise of better regulatory frameworks are still a positive for a sector that has struggled for legitimacy, but the order is likely to leave many crypto proponents underwhelmed.
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