Bitcoin reservation promises questioned in the middle of Trump’s digital finance agenda

The president of the United States, Donald Trump, issued an executive order established by the presidential work group on digital asset markets.

The measure indicates progress in some key commitments, such as stopping federal efforts towards CBDC and granting high profile pardons. However, certain elements, such as the promised creation of a “Bitcoin National Strategic Reserve”, are still remarkably absent or are lazy, which leaves doubts about their total reach and direction.

Trump advances on the digital finance agenda

According to the latest Fox Eleanor Terrett reporter updateThe working group, if established, has the task of developing a federal regulatory framework for digital assets, including stable currencies, and evaluating the creation of a strategic national reserve of digital assets.

This reservations In question, however, Bitcoin does not mention despite Trump’s campaign promise at a BTC conference in Nashville in July to create a “Bitcoin strategic national reserve” using the more than $ 20 billion in BTC seized by the department of Justice. Several Bitcoin maximalists pointed out this, With some suggestion that the reservation should only consist of BTC.

Meanwhile, the working group, chaired by the Tsar of the cryptocurrencies and the AI ​​of the White House, David Sacks, will include senior officials such as the Secretary of the Treasury, the president of the SEC and leaders of other key agencies. The AI ​​tsar and cryptocurrencies will consult the main experts in the industry to ensure informed decision making.

Cryptographic campaign promises

The Executive Order also orders federal departments and agencies to identify and recommend modifications or termination of existing regulations that affect the digital asset sector. It also revokes the Executive Order on Digital Assets of the Biden Administration and the Treasury International Commitment Framework, citing its negative impact on innovation and economic leadership of the United States.

Interestingly, the order prohibits any federal action to establish or promote digital currencies of the Central Bank (CBDC). As part of his campaign promises to the cryptocurrency industry, Trump had previously committed himself to ordering federal agencies to cease any effort towards the development of CBDC. He also fulfilled his promise to grant total and unconditional forgiveness to Ross Ulbricht, which operated the dark website Silk Road.

Although Trump’s executive order represents significant steps towards his digital finance objectives, the authority of US presidents to promulgate certain laws and policies through executive orders remains controversial.

For example, Trump previously issued an order to revoke citizens by birth under amendment 14, which Judge Couchnour, designated by Reagan, declared “Blatantly unconstitutional.” The judge criticized the defense of the Department of Justice and expressed his disbelief that law professionals could support such a directive.