Hot Moment! Donald Trump Signs E-Money Order, White House Issues Statement

The White House has just announced a comprehensive new initiative to enhance the United States' leadership position in digital financial technology by supporting innovation in blockchain and digital assets while safeguarding economic freedom. The executive order signed by the President outlines a solid framework to promote growth in the digital asset space, while addressing transparency issues in regulations, protecting consumers, and risks related to the Central Bank's digital currency (CBDC). This initiative proposes policies to promote responsible growth and innovation in digital asset, including: Protecting Blockchain Access Rights: Ensure that individuals and private organizations can access and legally use public blockchain networks, participate in mining, transactions without censorship, and self-custody digital assets.

Dollar Dominance: Support the development of legally-backed stablecoins to uphold the global dominance of the US dollar.

Equal Access to Banking Services: Ensure equal access to banking services for individuals and businesses in compliance with the law.

Clarity in Regulations: Develop neutral regulations on technology and transparent frameworks to support innovation in digital assets, blockchain technology, and decentralized ledgers.

Blocking CBDCs: Prohibit the establishment, issuance, and use of Central Bank Digital Currencies (CBDCs), citing concerns about financial stability, individual privacy, and US sovereignty. This order revokes Order No. 14067 issued in 2022 and the 'International Framework on Digital Assets Participation' of the Ministry of Finance. Both aim to ensure responsible development of digital assets, but are now considered incompatible with the government's new policies. To promote the stated goals, the President has established a Working Group on the digital asset market within the National Economic Council. Under the leadership of a newly appointed Special Advisor on artificial intelligence and cryptocurrency, the group will be assigned the task: Propose a federal regulatory framework for digital assets, including stablecoins. Consider creating a national digital asset repository, capable of sourcing from legally seized cryptocurrencies. Identify and propose changes to current regulations affecting the digital asset industry. The working group will consult with agencies such as the Ministry of Finance, the Ministry of Justice, and the Securities and Exchange Commission, and public hearings will be scheduled to hear views from industry leaders. An important provision of this decree prohibits any government agency from developing or implementing the Central Bank's Digital Currency. Using the term Bitcoin stock instead of Bitcoin reserve in the statement has attracted attention. The term stock, unlike the term reserve, may have been used to protect existing assets and does not require purchase.