Donald Trump, who during his first term criticized cryptocurrencies as a whole, by the time of his inauguration for a second term, surrounded himself with prominent figures in the cryptocurrency industry. This week he signed an executive order that will help create a stable legal environment for the use of cryptocurrencies in the United States and even create a national reserve of digital assets.
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According to venture capitalist David Sacks, who was present when Trump signed the order at the White House, “the digital asset industry plays a key role in the innovation and economic development of the United States, as well as in our leadership on the international stage.” According to him, “the war on crypto is over,” and America is now at the beginning of its journey to regain its status as a global leader in innovation.
Donald Trump’s decree creates the legal conditions for the circulation and distribution of cryptocurrencies in the country. It is planned to create a working group that will be able to create a national reserve of digital assets. It is expected that it will be formed from legally confiscated assets. Before this, the US authorities tried to sell cryptocurrency confiscated by law at auction, turning it into fiat money to replenish the country’s budget. Now it is proposed to save seized assets in digital form. Trump insisted on preserving such assets in his campaign speeches.
The new decree also protects individuals and legal entities involved in the creation and circulation of cryptocurrency from persecution by the authorities. At least miners will be able to take advantage of such protection if they do not violate other US laws. The new president also ensured by his decree that the rights of those holders of crypto assets who do not trust centralized structures like Coinbase are protected, preferring to store them in personal digital wallets. American fiscal authorities have sometimes had difficulty reaching them, but the legal status of such savings has now been improved. Trump also insists on strengthening the US dollar as the basis for issuing so-called “stablecoins” around the world – digital currencies pegged to the national American currency.
At the head of many American key departments under Trump, people will stand up, to one degree or another representing the interests of investors supporting cryptocurrency. Paul Atkins, who advocates softening regulatory policy, will head the securities and exchanges (SECs) commission. Its composition will appear in its composition that regulates the circulation of cryptocurrencies, and it will be headed by Hester Pierce, which has long been in support of this type of asset. SCOTT Bessent may stand at the head of the US Department of Finance, who actively supported cryptocurrencies as head of the hedge fund.