On Thursday, US President Donald Trump took action by ordering the establishment of a cryptocurrency working group.
This group is responsible for proposing new regulations for digital assets and exploring the possibility of creating a national stockpile of cryptocurrencies, fulfilling Trump’s promise to quickly revamp US crypto policy.
The move, which has been greatly anticipated, also included measures to protect banking services for crypto companies. This addresses concerns raised by the industry that regulators have instructed banks to cut off these companies from essential financial services, despite regulators denying these claims.
Additionally, the order prohibits the creation of central bank digital currencies in the US that could potentially compete with existing cryptocurrencies.
In response to the crypto industry’s calls for action, the US Securities and Exchange Commission rescinded accounting guidance that had made it difficult for listed companies to safely hold crypto assets on behalf of third parties.
