TRUMP ORDERS CRYPTO WORKING GROUP TO DRAFT NEW REGULATIONS – The group is tasked with proposing new digital asset regulations and exploring a national crypto stockpile
U.S. President Donald Trump ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy.
The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have directed lenders to cut crypto companies off from banking services – something regulators deny. The order also banned the creation of central bank digital currencies in the U.S. which could compete with existing cryptocurrencies.
In another key action pushed for by the crypto industry, the U.S. Securities and Exchange Commission rescinded accounting guidance that had made it very expensive for some listed companies to safeguard crypto assets on behalf of third parties. The crypto industry said that guidance had stymied digital asset adoption.
