In a bold move to assert the United States’ dominance in the realm of cryptocurrency and blockchain, former President Donald Trump has recently signed a significant executive order. This directive introduces strategic adjustments to digital finance policies, although the immediate effect on the cryptocurrency market was somewhat muted.
What Innovations Are Included?
The executive order outlines two primary initiatives. First, it establishes a working group tasked with enhancing current regulations and devising a comprehensive framework for cryptocurrency operations. This group is expected to deliver initial proposals in 60 days and a detailed plan within six months.
Could a National Cryptocurrency Reserve Be Coming?
Secondly, the order hints at the possible formation of a national cryptocurrency reserve. This area remains under investigation, prompting speculation that the U.S. might consider creating a Strategic Bitcoin Reserve.
Following the announcement, Bitcoin experienced a brief surge to around $106,000 before retracting to approximately $105,000, reflecting a 3% fluctuation. Meanwhile, Ethereum posted a 6% increase, with altcoins such as Solana and XRP rising by 8% and 3%, respectively.
– New working group to enhance regulatory frameworks.
– Proposal for a national cryptocurrency reserve under consideration.
– Bitcoin briefly touched $106,000 before stabilizing around $105,000.
– Ethereum and altcoins also saw positive market movements.
In a related development, the U.S. Securities and Exchange Commission (SEC) announced the repeal of an accounting guideline that had been criticized for imposing excessive financial requirements on cryptocurrency firms. SEC member Hester Peirce expressed her approval of this decision, referring to the prior process as less than enjoyable.
