Trump’s executive order on cryptocurrencies generates optimism in the markets, but leaves uncertainty by not specifying the immediate creation of a Bitcoin National Reserve.
The followers of the crypto market showed nervousness at the start of the week in the absence of cryptocurrencies in the president’s speeches and initial measures Donald Trump After his investiture. However, this Thursday, the Administration surprised to announce an executive order focused on cryptoactives, which promoted a positive reaction in the markets.
He Bitcoin climbed up to US $ 104,906, according to the price of Binancewhile the Ether reached US $ 393 after Trump’s announcement about the creation of a working group to address cryptocurrencies. The measure seeks to establish a comprehensive federal framework for its regulation and feel the basis to explore the creation of a Bitcoin National Reserve, generating expectations in the sector.
The working group will be led by Davis Sacksdesignated as tsar of artificial intelligence and cryptocurrencies of the administration. Its main objectives include developing policies for digital assets, working with Congress in favorable legislation and coordinating efforts between key organisms such as SEC, CFTC and Treasury Department.
Waiting for more catalysts
However, the lack of a specific decision on the creation of the Bitcoin National Reserve left a certain bitter taste among cryptocurrency enthusiasts. Although the order mentions to study the viability of said reserve, many expected a more immediate commitment. According to the Executive Order, this possible reserve could be formed from cryptoactive seized by the federal government in its operations to apply the law.
Currently, Arkham data reveals that the United States government has more than $ 21,000 million in digital assets, mainly in Bitcoin, with a total of more than 198,000 bitcoins in its portfolios. These assets could be used as the basis for the hypothetical national reserve, an aspect that still generates debate.
On the other hand, the order also expressly prohibits federal agencies promoting or establishing digital centers of central banks (CBDC), while revoking policies on cryptoactive prior administration.
During his speech at the World Economic Forum in Davos, Trump reaffirmed his commitment to the sector and declared that his government seeks to position the United States as “the world capital of cryptocurrencies.” Although the announcement generated optimism in the markets, the details about the implementation and scope of these measures
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
