In a landmark speech following his inauguration as the 47th President of the United States, Donald Trump announced his administration’s ambitious plans to position the country as the global capital of both artificial intelligence (AI) and crypto.
Trump Embraces Crypto
In a video shared on social media platform X (formerly known as Twitter), President Trump reiterated his vision at the World Economic Forum, declaring that the United States would lead the way in these transformative technologies.
This was further underscored by his signing of an executive order aimed at promoting the advancement of digital assets within the US and exploring the potential for a national stockpile.
Accompanying Trump for this pivotal signing was venture capitalist David Sacks, whom he has appointed as his crypto and AI czar. The executive order highlights the crucial role of this sector in driving innovation and economic growth, as well as reinforcing the US’s standing on the international stage.
This policy pivot comes after a tumultuous four years under President Joe Biden, during which the digital asset industry faced increasing regulatory scrutiny, especially under the leadership of the former US Securities and Exchange Commission (SEC) chair Gary Gensler.
Executive Order To Establish National Digital Asset Stockpile
The executive order outlines several key initiatives, including the establishment of a working group tasked with considering the creation of a national digital asset stockpile.
This stockpile could potentially include cryptocurrencies that have been lawfully seized by federal authorities, a practice historically managed by the US Marshals Service, which has auctioned off seized Bitcoin and other digital currencies.
Notably, Trump had previously pledged during his campaign to retain all Bitcoin holdings by the federal government, although this specific commitment was not mentioned in the latest order.
In addition to focusing on asset management, the order emphasizes the protection of individuals and private companies using blockchain technologies from regulatory overreach. It seeks to ensure that developers and miners can operate freely, fostering an environment that supports innovation in the crypto space.
Since his election victory in November, Trump has taken steps to appoint government leaders who are supportive of cryptocurrency.
Paul Atkins, a former SEC commissioner known for his market-friendly stance, has been nominated to lead the Securities and Exchange Commission. Additionally, Trump has nominated Scott Bessent, a pro-crypto hedge fund manager, to lead the Treasury Department, signaling a proactive approach to digital asset policy.
Earlier this week, the SEC announced the formation of a new digital asset-focused task force, led by Commissioner Hester Peirce, affectionately known as “Crypto Mom” for her advocacy of digital currencies over the past years.
At a recent event, Sacks declared, “The war on crypto is over,” signaling a renewed commitment to fostering a vibrant ecosystem for digital assets in the US.
Featured image from DALL-E, chart from TradingView.com
