A recent Executive Order issued by U.S. President Donald Trump signals a dramatic shift to pro-cryptocurrency policies. The Executive Order, Strengthening American Leadership in Digital Financial Technology Strengthening American Leadership in Digital Financial Technology (The Executive Order), takes a multi-pronged approach, including but not limited to:
- development of an open public blockchain network, including the ability to develop and deploy software;
- banning Central Bank Digital Currencies (CBDC);
- promoting the development and growth of U.S. dollar-backed stablecoins; and,
- providing regulatory clarity certainty based on technology-neutral regulation.
The Executive Order establishes the President’s Working Group on Digital Asset Markets (the Working Group), composed of cabinet-level appointees. The Working Group will propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States. The Executive order lays out two significant deadlines for the Working Group, the first, within sixty (60) days of the Executive Order, each member agency the Working Group shall submit its recommendations to the Working Group Chair; and the second, within one hundred eighty (180) days of the Executive Order, Working Group shall submit a report to the President.
Strengthening American Leadership in Digital Financial Technology is available for download from the White House website.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
