Trump orders a crypto to the working group for making new regulations, explore national retuters’ supplies
Hannah Lang and Trevor Hunnicutt
(Reuters) -President Donald Trump on Thursday ordered the creation of a working group for the crypto currency in charge of proposing new digital assets and exploring the creation of the national supplies of cryptocurrencies, which was good in its promise to quickly transmit American crypto policies.
The long -awaited action also ordered the protection of banking services for the crypto companies, alluding to industrial claims that US regulators had ordered the lenders to reduce the crypto companies from banking services – something that regulators deny. The order was also forbidden to create digital currencies Central Bank in the United States that could compete with existing crypto currencies.
In the second key action that Crypto industry he advocated, the American Commission for Securities and Exchanges on Thursday abolished accounting guidelines that some companies were very expensive to protect the Crypto property on behalf of the third party. The crypto industry said the guidelines tightened the accepting of digital assets.
On the trail of the campaign, Trump abolished Kripto Gotovina, promising to be a “cryptocurrency president” and promoted the adoption of digital assets. This is largely contrary to the regulators of former president Joe Biden who, in an attempt to protect Americans from fraud and money laundry, are broken in industry, suing the exchange of Coinbase (NASDAQ :), Binance and Tens more, claiming that flouting are US Laws . Companies denies the allegations.
The command on Thursday cheered the cryptocurrency industry, which encouraged the new administration to send a strong support signal in Trump’s first few days in power.
“Today’s executive command of cryptocurrencies signifies a change in the sea in American policy of digital assets,” said Nathan McCauley, CEO and co -founder Crypto Company Anchorage Digital.
“The administration of the entire approach to cryptocurrencies, the administration makes a significant first step towards writing the clear, consistent rules of the road.”
If they are carried out by relevant regulators, Trump’s command has the potential to push the cryptocurrencies into the main, regulatory and crypto experts. This is followed by the announcement of the Sec’s Tuesday to create a working group for overhaul crypto policies.
On Monday, on Monday, a fresh record maximum of $ 109,071 was hit in the middle of an excitement of investors because of a new cryptocurrent administration, although it was at around $ 103,000 late Thursday afternoon.
“Only for days in his administration, President Trump fulfills his promises … to make the United States a leader in the innovation of digital assets,” Senator Tim Scott, a Republican chairman of the Senate Banking Senate Committee, said in a statement.
The industry has been arguing for years that existing American regulations are inappropriate for cryptocurrencies and have called on the congress and regulators to write new clarifications when the crypto token is security, slave or belongs to another category.
The working group, which will include the Minister of Treasury, the presidency of the SEC, the Commission for Trafficking in Commercial Future, together with other heads of the Agency, is in charge of the development of a digital property regulatory framework, according to the order. These include Stablecoins, a type of crypto currency that is usually tied to the US dollar.
The group was also to “evaluate the potential creation and maintenance of national digital supplies of assets … potentially derived from the Crypto currency that the Federal Government has been legally seized through its efforts to implement the law.”
The command did not give further details on how such a stock would be set up, and analysts and legal experts will be divided into whether it will be needed by the rank of congress. Some argued that the reserve could be created through a stabilization fund to exchange American treasury, which can be used to buy or sell foreign currencies, as well as to hold bitcoin.
In December, Trump appointed risk capitalist and former PayPal (Nasdaq 🙂 Executive director David Sacks as a crypto and artificial intelligence Czar. He will chair the group, according to the order.
