President Donald Trump has taken a decisive step to fulfill his campaign promise of becoming a "crypto president" by ordering the formation of a cryptocurrency working group. This group has been tasked with proposing new digital asset regulations and evaluating the creation of a national cryptocurrency stockpile. The initiative, which aims to overhaul US crypto policy, has been widely cheered by the crypto industry.

The executive order, issued Thursday, also addresses long-standing concerns within the crypto sector. It mandates the protection of banking services for cryptocurrency companies, amid accusations that regulators have pressured lenders to sever ties with the industry. Additionally, the order explicitly bans the creation of US central bank digital currencies, which could compete with existing cryptocurrencies, signaling a clear direction toward supporting decentralized digital assets.

Trump's stance on cryptocurrency marks a stark contrast to his predecessor, Joe Biden, whose administration aggressively pursued enforcement actions against crypto exchanges and projects. Companies like Coinbase and Binance faced lawsuits alleging non-compliance with US laws. In response, Trump’s order has been seen as a strong signal of support, with crypto leaders hailing the administration's move to establish clear and consistent rules for the industry.

“Today’s crypto executive order marks a sea change in US digital asset policy,” said Nathan McCauley, CEO of Anchorage Digital. By taking a whole-of-government approach, the administration is positioning the United States as a global leader in digital asset innovation.

Bitcoin's price reflected the optimism, briefly hitting a record high of $109,071 earlier in the week before settling at $103,000 late Thursday. The surge underscores the market’s excitement over the pro-crypto administration and its potential to drive mainstream adoption.

The working group, comprising key figures such as the Treasury Secretary, SEC Chair, and CFTC Chair, is set to develop a comprehensive regulatory framework for digital assets, including stablecoins. It is also tasked with exploring the creation and maintenance of a national digital asset stockpile. This stockpile could potentially include cryptocurrencies lawfully seized by federal law enforcement.

Although details remain sparse, analysts speculate that the stockpile could leverage the US Treasury’s Exchange Stabilization Fund. However, some experts argue that an act of Congress may be required to formally establish the reserve.

As part of the initiative, Trump has appointed David Sacks, a venture capitalist and former PayPal executive, to chair the group. This move further underscores the administration’s intent to foster innovation and streamline crypto regulation.

Just days into his term, Trump is delivering on his promises to make the United States a leader in digital asset innovation. With the crypto working group and supportive regulatory measures underway, the stage is set for a new chapter in the country’s approach to cryptocurrency.