Yesterday, President Trump signed an important executive order in favor of digital assets, with the following directives/ conclusions: (1) Protecting individuals’ and private entities’ rights to access and utilize open public blockchain networks for lawful purposes, including software development, mining, transacting, and self-custody of digital assets. (2) Promoting the sovereignty of the U.S. dollar by encouraging the development and global growth of legitimate dollar-backed stablecoins. (3) Ensuring fair and open access to banking services for all law-abiding citizens and entities. (4) Providing regulatory clarity through technology-neutral regulations and transparent decision-making processes. (5) Prohibiting the establishment and use of Central Bank Digital Currencies (CBDCs) within the United States. It has also created a working group to build a Bitcoin reserve for the U.S. among other things. In a classic buy on the rumor sell on the news Bitcoin was muted after the announcement. Crypto currencies have the support of this admisntration and Central Bank digital currencies have been banned, at least for next 4 years.
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