With President Donald Trump coming to power, the crypto industry is demanding that he issue an executive order banning the US central bank digital currency (CBDC) aka Digital Dollar. During his presidential campaign in May last year, Trump made a similar promise to the industry, and now it’s time to deliver on that promise. Also, Trump has a strategic Bitcoin $102,590.7 Demands are increasing asking him to sign an executive order for his reserve.
Crypto Council and Banning CBDC
President Trump is expected to sign two major cryptocurrency-related executive orders, Fox Business journalist Eleanor Terret reports. One order is expected to establish a special crypto council, while the other is expected to ban the creation of a Central Bank Digital Currency (CBDC).
According to reports, the Crypto Council will meet this Thursday and the crypto industry can expect big decisions. Terret noted that the details of the executive orders are not yet clear, but the potential actions have generated widespread interest and speculation within the crypto community.
Strategic Bitcoin Reserve and Other Developments
In his support for Bitcoin last year, Donald Trump stated that he would not allow the creation of a US CBDC. On the other hand, there is strong support for creating a strategic Bitcoin reserve. President Trump stated that Bitcoin as a reserve asset would help reduce the US’s current $36 trillion national debt.
“Creating a strategic Bitcoin reserve is important to decentralize savings.” –Cynthia Lummis
Industry leaders, such as Michael Saylor and crypto exchange Coinbase, have announced their support for the idea. Wyoming Senator Cynthia Lummis is also known as a strong advocate on this issue. Other leaders also oppose the idea of a US CBDC or US currency.
White House Crypto Council
The Trump administration is likely to establish a presidential crypto council that includes around 20 key figures from the cryptocurrency industry. The council, which includes prominent CEOs and founders, will provide policy guidance and help shape the administration’s approach to crypto regulations.
For a crypto-friendly regulatory environment, Trump appointed David Sacks as the White House crypto curator. Additionally, Trump will reportedly allow US banks to offer crypto trading services and SEC leadership will repeal the controversial Staff Accounting Bill 121 (SAB 121) rule.
Conclusion
Donald Trump is expected to take important steps in cryptocurrency policies during his presidency. Moves such as banning CBDC and creating a strategic Bitcoin reserve raise hope and curiosity in the crypto community. These developments provide important clues about what path the USA will follow in digital currencies and cryptocurrency policies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
