President Trump has signed an official executive order to create a “national digital asset stockpile.” This seems meaningfully distinct from a Bitcoin Reserve, which would likely require Congressional approval.
Based on the initiative’s title, if approved, the digital asset stockpile will likely include more crypto assets other than Bitcoin.
Trump Hints a National Crypto Reserve
The growing movement to create a US Bitcoin Reserve has attracted broad support in Congress and several similar proposals throughout major US states.
However, President Trump has gone in a broader direction, making his first crypto-related executive orders today. According to the order, the administration will establish a ‘Working Group on Digital Asset Markets.’
If Congress approves, this Working Group will create a federal regulatory framework for cryptocurrencies, including stablecoins. It will also work towards establishing a national digital assets stockpile.
“Trump’s first executive order on crypto didn’t really do much. Prohibiting CBDCs and revoking old EO on crypto were expected. But the timeline now begins on the 180 days for the Working Group to take on the potential creation of a national digital asset stockpile,” said Zack Guzmán.
David Sacks, the White House AI and Crypto Czar, will chair this Working Group, along with the SEC chair and other agency leaders.
Most notably, the executive order prohibits any agencies from creating or promoting central bank digital currencies (CBDCs).
However, it’s important to understand that any executive order requires congressional action and federal ruling to become legally bound. Nevertheless, it shows that Trump’s administration is indeed looking to add Bitcoin and other digital assets into the US National Reserve.
“The Executive Order directs departments and agencies with identifying and making recommendations to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified,” wrote Eleanor Terrett.
Earlier this morning, Cynthia Lummis was appointed the Chair of the Senate Banking Subcommittee on Digital Assets, which may overlap with this group.
In any event, without Congressional approval, this “stockpile” will probably not amount to a true National Reserve.
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