WASHINGTON — President Donald Trump signed an executive order Thursday creating a White House working group on digital assets, appointing David Sacks, the administration’s AI and cryptocurrency adviser, to lead the initiative.
The group is tasked with crafting a federal regulatory framework for digital assets and evaluating the feasibility of a national digital asset stockpile. It has six months to submit its recommendations on regulatory and legislative proposals.
“We’re announcing the administration’s policy to make America the world capital in artificial intelligence and to lead in AI,” Sacks said at the Oval Office signing ceremony.
“We’re going to make a lot of money for the country,” Trump added.
The working group will include top financial and regulatory officials, including the Treasury secretary, attorney general, Commerce secretary, and the chairs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Several of Trump’s appointees, including SEC chair nominee Paul Atkins and Commerce nominee Howard Lutnick, have been vocal supporters of cryptocurrency.
In addition to forming the working group, Trump’s executive order bars the creation of a U.S. central bank digital currency (CBDC), arguing that such a move would threaten financial stability, individual privacy, and national sovereignty.
Trump’s embrace of the cryptocurrency industry marks a stark shift from his previous skepticism, having once dismissed digital assets as a “scam.” However, his 2024 campaign saw him align more closely with the sector, particularly as tensions between the crypto industry and the Biden administration grew.
Industry leaders praised the executive order, calling it a long-overdue step toward regulatory clarity. Kristin Smith, CEO of the Blockchain Association, said the move signals Trump’s commitment to making the U.S. the “crypto capital of the planet.” Anchorage Digital CEO Nathan McCauley called it “a sea change in U.S. digital asset policy.”
Senate Banking Chair Tim Scott (R-S.C.) welcomed the initiative, pledging to work with the administration on bringing “clarity, choice, and opportunity” to the sector.
However, Trump’s involvement in cryptocurrency has not been without controversy. His recent launch of two meme tokens, $TRUMP and $MELANIA, has raised concerns within the industry, with some worried that the ventures could undermine his broader efforts to promote digital assets.
