DIGIVESTASI – The President of the United States (US), Donald Trump, on Thursday, January 23, 2025, signed an executive order fulfilling two of his main promises to the cryptocurrency community. This move includes the establishment of a presidential task force to formulate clear regulations regarding the digital asset industry and a prohibition on the development of central bank digital currencies (CBDCs).

However, the order has not yet realized the plan to establish a national strategic bitcoin reserve, a promise Trump made during his 2024 campaign. Instead, the task force will explore the feasibility of creating and managing a national digital asset reserve and establish criteria for such reserves, which may include legally seized crypto assets through law enforcement actions. This opens opportunities for the government to hold various digital assets, including those beyond bitcoin, in the national reserve.

Reversal of Biden-Era Policies

President Trump also revoked an executive order issued by President Joe Biden in March 2022. The previous order had directed government agencies to study crypto assets and develop measures to mitigate potential risks posed by the technology.

Bitcoin's (BTC) price experienced a brief increase following the announcement of the executive order, though it quickly declined afterward. Over the past 24 hours, Bitcoin prices have shown gains after hitting an all-time high on Monday morning, just before Trump’s inauguration.

According to Sean Farrell, Head of Digital Assets at Fundstrat, some crypto market participants may have expected broader policies than those announced. “What was announced today was actually anticipated,” Farrell told Yahoo Finance on Friday (January 24, 2025). However, he emphasized that Trump’s pro-crypto stance is a significant step forward for the future of the industry.

Ambition to Make the US the Global Crypto Hub

In 2022, Trump expressed his ambition to make the United States the global center for cryptocurrency. Recently, Trump’s team launched official meme coins named "TRUMP" to celebrate the upcoming 47th president and "MELANIA," inspired by the first lady, Melania Trump. Both coins are based on the Solana (SOL) blockchain and began trading last week.