President Trump signed an executive order Thursday establishing a working group on digital assets led by David Sacks, the White House czar for artificial intelligence (AI) and cryptocurrency.
The working group is tasked with proposing a federal regulatory framework for digital assets, as well as considering whether to create a national digital asset stockpile.
“We’re basically announcing the administration’s policy to make America the world capital in artificial intelligence and to dominate and to lead the world in AI,” said Sacks, who joined Trump in the Oval Office for the signing.
“We’re going to make a lot of money for the country,” Trump added.
The digital assets working group has six months to submit its recommendations on regulatory and legislative proposals to the president.
It will consist of the Treasury secretary, attorney general, Commerce secretary, Securities and Exchange Commission (SEC) chair and Commodity Futures Trading Commission (CFTC) chair, among others.
Among Trump’s picks for these roles are several pro-crypto candidates, such as Paul Atkins, who the president tapped for SEC chair, and Howard Lutnick, Trump’s Commerce nominee.
Thursday's executive order also bars the U.S. from establishing a central bank digital currency (CBDC), which it argues “threaten the stability of the financial system, individual privacy, and the sovereignty of the United States.”
Despite once dismissing crypto as a “scam,” Trump embraced the industry during his 2024 campaign. His newfound support for digital assets came at a moment when the crypto world increasingly found itself at odds with the Biden administration.
Trump’s announcement Thursday is likely to draw support from the industry, which has repeatedly expressed frustration about a lack of regulatory clarity surrounding digital assets.
Senate Banking Chair Tim Scott (R-S.C.) said Thursday that he looks forward to working with the president and his working group “to bring clarity, choice, and opportunity to this important sector of our 21st century economy.”
“Voters across the country were clear in November: they want access to digital assets and a clear regulatory framework for the industry,” Scott said in a statement.
“Just days into his administration, President Trump is delivering on his promises, creating the first President’s Working Group on Digital Asset Markets to ensure the federal government is working together to keep the United States a leader in digital assets innovation and to protect Americans from unlawful government surveillance,” he added.
Trump has found in himself in hot water with the crypto world over the past week, after he and first lady Melania Trump launched two crypto tokens, $TRUMP and $MELANIA.
The tokens are regarded as meme coins — cryptocurrencies based on internet trends and without any inherent value — which some worry could cast a shadow on Trump’s efforts to boost the industry.
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