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Crypto executive order establishes a digital assets working group to recommend regulatory changes and advise on a digital asset stockpile, prohibits the development of a central bank digital currency (CBDC), and revokes Biden's crypto EO.
My immediate thoughts: this is mostly symbolic. The revocation of the previous EO doesn't do much (because the prev EO didn't do much), and although a lot of people have blustered about banning the creation of a CBDC, no US entity ever really pursued creating one.
Regarding the stockpile, I suspect bitcoiners are going to be upset that it is now a "digital asset" stockpile and not a bitcoin stockpile. Furthermore, echoes Trump's original idea of establishing such a stockpile by merely not selling off cryptos seized by law enforcement.
The people who were most excited about a bitcoin stockpile were mostly looking at the proposals by RFK Jr., Sen. Lummis, etc. who had proposed going out and buying a bunch of BTC for a "strategic reserve" (thus pumping the BTC price), and this does not look like that.
The most meaningful portion of this will likely be the regulatory changes to come, though those were pretty clearly coming regardless of any EO.
To be clear: the crypto executive order does not itself create a digital asset stockpile. It instructs the working group to "evaluate the potential creation and maintenance" of such a thing.
@molly0xfff it'll take 4 years to determine "no"?
@molly0xfff it's only a concept of a rugpull
@molly0xfff The first thing they're going to buy is billions of $$$ in Trump coins, isn't it?
Lets get the priorities where they should be, lets end social security and use that money to fund a crypto reserve.
@molly0xfff LOL ...
Govt: pssst, let's buy a pile of crypto ...
Govt: let's buy heaps of crypto and pump the bejezus out of it!
Govt: let's invite all our citizens to join the party, and sell them some crypto!
Govt: also, this is not tax at all!