President Donald Trump signed an executive decree on January 23 to promote American leadership in digital assets and establish a working group that would be responsible for proposing regulations For the cryptography industry.
The news sent prices for higher popular cryptocurrencies in Friday trade. Bitcoin increased by more than 1.5% to $ 105,880, while Ethereum increased by almost 5% to $ 3,397.
Here is what investors should know about Trump’s executive decree.
Crypto Executive Executive: What to know
Trump has signed a decree designed to promote American leadership in digital assets and financial technology.
Here are the key initiatives included in order:
• The Trump administration policy will be to support the growth and use responsible for digital assets, blockchain technology and related technologies.
• He establishes a working group on the digital asset markets which will be chaired by the special advisor for AI and the Crypto.
• A working group will assess the potential creation of a stock of digital assets, perhaps from cryptocurrencies entered by the federal government through the application of the law.
• Within 180 days of the order, the working group should recommend regulatory and legislative proposals for the digital asset industry.
• The order puts an end to all the current plans to create a digital currency from the central bank.
• It aims to protect and promote fair and open access to banking services for all people and private entities respectful of laws.
Trump shot enormous support from the crypto industry in the presidential election in 2024 and cryptography prices increased after his electoral victory Pending that he would name the friendly regulators of crypto in key articles.
A few days before its inauguration, he launched a piece of $ Trump memes which initially climbed into value. First lady Melania Trump also launched a piece of memes that increased during the launch. The coin $ Trump is down 56% summitWhile the room Melania $ dropped by 81% summit.
Observers of the cryptographic industry are not optimistic that the decree will lead to regulations which help to rid the industry of its many bad actors.
“Any regulation of cryptography should really protect investors rather than defending the capacity of cryptocurrency issuers to fill the public another unnecessary digital currency,” explains James Royal, principal reporter for investment and wealth management. “Given the considerable donations of cryptographic industry in the Trump campaign and the personal participation of the Trump family in newly launched cryptocurrencies, I am not optimistic that any regulation proposed here will make the way to Legalized scams. “
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