Trump's Bold Move: Crypto Regulation and National Stockpile

Donald Trump has enacted measures to revamp U.S. cryptocurrency policy, creating a working group to propose digital asset regulations and develop a national cryptocurrency stockpile. This move is part of Trump's promise to support digital assets, contrasting with Joe Biden's regulatory approach. The crypto industry praised the initiative.

In an assertive move towards reshaping digital asset policy, U.S. President Donald Trump has ordered the establishment of a cryptocurrency working group. The group is tasked with proposing new regulations and considering the development of a national cryptocurrency stockpile.

This development was welcomed by the crypto industry, as Trump's order protects banking services for crypto companies and rescinds previous SEC guidance detrimental to some firms managing third-party crypto assets. The administration aims to foster a more favorable environment for digital currencies, contrasting sharply with former President Joe Biden's stringent regulatory actions.

Trump's policies have already bolstered investor confidence, pushing Bitcoin to new record highs. The working group, involving key regulatory bodies, has the potential to integrate cryptocurrencies into mainstream U.S. financial systems if its recommendations are acted upon.

(With inputs from agencies.)