President Donald Trump Signs Executive Order to Create Cryptocurrency Task Force

President Donald Trump signed an executive order to create a cryptocurrency task force last week as he seeks to deliver on the promise to be a "crypto president"

President Donald Trump signed an executive order to create a cryptocurrency task force last week as he aims to fulfill his promise to be a "crypto president" and loosen federal regulations within the crypto industry.

The move comes following the influx of meme coins as well as the launch of his own $TRUMP token that reached a $31 billion valuation.

Here's what to know about the newly formed cryptocurrency task force.

What is a crypto task force?

Created by the U.S. Securities and Exchange Commission, the cryptocurrency task force aims to develop clear digital asset regulations and strategies as well as a possible national cryptocurrency stockpile. Despite Trump's executive order for the crypto task force, an official bitcoin stockpile has not been created yet, Axios reports.

Led by SEC Commissioner Hester Peirce, the task force is "dedicated to developing a comprehensive and clear regulatory framework for crypto assets," according to the SEC.

The executive order also calls for banking services for crypto companies be protected, and it bans the creation of central bank digital currencies in the U.S., USA TODAY reports.

What President Donald Trump said about cryptocurrency on the campaign trail

Trump was once a critic of cryptocurrency, he now favors the digital currency space. "If crypto is going to define the future, I want [it] to be mined, minted and made in the USA, and it's going to be,” Trump said in a speech at the Bitcoin2024 conference last July.

A bitcoin strategic reserve could operate like gold and oil reserves

The Trump administration has been encouraged to create a bitcoin strategic reserve, with supporters of the crypto reserve arguing that building up the country's cryptocurrency assets could help the government pay down its $36 trillion national debt, according to USA TODAY.

The U.S. owns more than $20 billion worth of bitcoin, according to the crypto tracking firm Arkham Intelligence.